WINYARD, UK-Venator Materials PLC ("Venator") today announced that after standing out of Chapter 11, the newly appointed board of directors has completed a strategic review with management and intends to implement a transformation plan that will enable Venator to achieve long-term success. The plan has the support of new shareholders.

Highlights of the 2024 Transformation Plan

Rationalization of 130kt of titanium dioxide (TiO2) production capacity in Europe starting from shutting down TiO2 production in Duisburg, Germany

Transfer of specialty TiO2 business from Duisburg to Uttingen, Germany

Strengthen our remaining TiO2 footprint through innovation and investment

Recovery of profits through pricing and cost management

Seek opportunities to monetize specific additive businesses

Simon Turner, President and CEO, said:

"Today, we announced a critical step in our transformation plan to demolish 50kt of titanium dioxide production capacity in Duisburg, Germany in the second quarter of 2024 and transfer our professional production capabilities to strengthen our Udingen plant. The Duisburg plant will continue to operate, focusing on its functional additives business. Our 80kt TiO2 plant in Scalino, Italy, continues to be offline, waiting for the development of local regulations and the improvement of market conditions for its product TiO2.

"We will strengthen our titanium dioxide business by strengthening our products and providing products to customers, while restoring profit margins through pricing. In addition, we will also seek opportunities to monetize specific additive businesses.

"We firmly believe that our transformation plan will better position the future of Venator's business, and we look forward to announcing further measures in due course. However, we do recognize and regret the impact today's announcement will have on our employees in Duisburg and will treat them fairly and respectfully, consistent with our values.