Saudi Arabia’s National Industrialization Co. has announced that its subsidiary, National Titanium Dioxide Company (Cristal), has signed a definitive agreement for the acquisition of its titanium dioxide (TiO2) business, by Tronox Limited in return for USD 1.67B and a 24% stake in the new entity. The transaction will create the largest TiO2 company in the world, based on titanium chemical sales and nameplate capacity. Upon closing of the deal, which is subject to governmental and regulatory clearances, current Tronox Limited shareholders will own 76% and Cristal shareholders will own 24% of the combined entity.
Tronox Limited operates three titanium dioxide (TiO2) pigment plants in the USA, Netherlands and Australia; it operates mines in South Africa and Australia; it has a research and development center in the USA; and it has an electrolyte and specialty chemicals division in the USA. Tronox has approximately 3,400 employees worldwide.
As a Tasnee company, Cristal operates eight TiO2 manufacturing plants in the USA, Brazil, United Kingdom, France, Saudi Arabia, China and Australia. Cristal also operates mines in Brazil and Australia and has a research and development center in the USA.
