INEOS has signed an agreement to acquire titanium dioxide (TiO2) business Cristal from Tronox for US$700m.
Tronox, a mining and inorganic chemical business, had previously proposed to acquire Cristal’s global TiO2 business, however the US Federal Trade Commission wanted to block the purchase as the Tronox would then hold too large a share on the market. The deal with INEOS is a proposed remedy package that will see INEOS acquire Cristal’s North American business, which includes two plants at the Ashtabula Ohio complex, US.
TiO2 is a white pigment commonly used in products such as paints, varnishes, paper, plastics, rubber, cosmetic products, glass, and ceramics.
Ashley Reed, CEO of INEOS Enterprises, said: “This is a great opportunity for INEOS to enter the pigments market, by acquiring a competitive business, with excellent people and assets. INEOS has a strong track record of manufacturing excellence, running its businesses safely and reliably and working closely with customers to meet their growth aspirations.”
Jim Ratcliffe, Chairman of INEOS, said that it would make the company the second largest producer of TiO2 in North America.
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