Ineos into TiO2 with Cristal buy
Ineos Enterprises has agreed to acquire the North American business of the National Titanium Dioxide Company (Cristal) from Tronox for $700 million. This will make Ineos the second largest producer of TiO2 in North America. It includes two plants at the complex in Ashtabula, Ohio.
“This is a great opportunity for Ineos to enter the pigments market, by acquiring a competitive business, with excellent people and assets, said Ashley Reed, CEO of Ineos Enterprises. “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.”
The deal is part of a package submitted by Tronox to the Federal Trade Commission (FTC) in order to gain regulatory approval for its proposed acquisition of Cristal’s global TiO2 business, as announced in 2017. Eight other regulators, including the EU, have already approved. The new agreement is itself subject to FTC clearance. It is supported by customers on both sides, according to Tronox, which has been working with the FTC to address competition concerns for many months.