Tronox Pigments to Remain Independent
Tronox Pigments, the titanium dioxide manufacture whom Cornelius represents in the UK, has had an eventful past 12 months. In January 2009 they entered Chapter 11 in the United States. Following that process, various options appeared open to the management and shareholders, and in December, it seemed that a sale of the assets to a 3rd party was likely. Huntsman had made a "stalking horse" bid prior to the planned auction on 21st December. However, the management team had been working on an alternative strategy, that would allow Tronox to remain an independent company, and it transpired on the eve of the auction, that they had a successful plan in place. The auction was therefore cancelled, and this plan was approved by the courts in the United States on 23rd December. There is attached, a release from Tronox, which reiterates the points made above.
The result is, that we can look forward to a secure future of Tronox as a stand alone, major producer of titanium dioxide, able to serve the needs of the market. I believe that this is excellent news for the industry and customers alike. Cornelius continue to work with Tronox. If you would like to discuss further, please contact Neville Prior, or your regular Cornelius contact.
