Tronox has reached a settlement with US antitrust enforcers that will allow it to move forward with its purchase of much of Cristal’s titanium dioxide business, the Federal Trade Commission announced on Wednesday, April 10.
The company valued the deal at US$1.673 billion when it was announced in February 2017. Under the terms of the settlement, Tronox has agreed to sell facilities in Ashtabula, Ohio which make titanium dioxide. It had previously valued the assets at US$700 million, and a British company, INEOS Enterprises AG, agreed to buy the plants.
The FTC stated in December 2017 that it would go to court to block the deal, arguing that the companies are two of the three top suppliers of chloride process titanium dioxide.
“(Titanium dioxide) is an ingredient in many products used by consumers,” said Bureau of Competition Director Bruce Hoffman. “This agreement will preserve a competitive marketplace, which ultimately benefits consumers in the form of lower prices and higher quality products.” reported Reuters.
Full Content: Reuters