INEOS Enterprises has announced that it has signed an agreement to acquire The North American business of National Titanium Dioxide Company Limited (Cristal) from Tronox Limited for $700 million.
Cristal’s North American business includes two-plants located at the Ashtabula Ohio (US) complex. The deal forms the proposed remedy package submitted to the US Federal Trade Commission (FTC) by Tronox ahead of its proposed acquisition of Cristal’s global titanium dioxide business.
The proposed sale of the North American business to INEOS, has received support from Cristal and Tronox’s North American customers and will make INEOS the second largest producer of this essential product in the country. The wider transaction and remedy proposal is subject to clearance by the Federal Trade Commission (FTC).
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.”