Wynyard, UK, July 17, 2024 VenatorMaterialsplc (Venator) announced that it has completed the sale of its 50% interest in the Louisiana Pigments Company (LPC) titanium dioxide manufacturing joint venture plant to its operating partner Kronos Worldwide, Inc.
Venator Group received $185 million in cash (subject to working capital adjustments) after the transaction closed and expects to receive a profit payment of up to $15 million. Simon Turner, President and CEO, said:
"We continue to successfully execute transformation plans and take every means to strengthen the business. By concentrating our financial resources and personnel on core operating facilities, we can better serve our customers and deliver better results for shareholders. We thank the customers who have purchased Venator products from LPC over the years, and I would like to thank the LPC team for their outstanding contribution. American customers currently served by our other factories will continue to receive our full commitment to quality products and services."
