Venator site sold in administration

As part of its restructuring, Venator Materials has agreed to sell its TiO2 site at Greatham, UK, to LB Group a Chinese manufacturer of TiO2 pigments and titanium sponge, subject to regulatory approvals and customary closing conditions. This is one of three UK sites with an uncertain future in view of rising costs and fierce competition.

Greatham is now transitioning into an idle state until the sale is completed. However, Venator said, LB Group “remains committed to acquiring the site with the intention of restarting operations in the future”.

Alvarez & Marsal, who were appointed joint administrators of Venator Materials UK on 22 October, subsequently revealed that 273 employees were made redundant immediately due to the company’s financial position. The remaining 232 have been retained to assist in the administration process.

“Given the prolonged downturn in the TiO2 industry and the financial pressures we face, administration is the most responsible path forward,” said Karen Askwith, managing director at Venator. “It allows us to preserve value and create the conditions necessary for a potential future recovery under new ownership.”