Earlier this year, the National Titanium Dioxide Company (“Cristal”), signed a definitive agreement for the acquisition of its titanium dioxide (TiO2) business, by Tronox Limited in return for $1.67 billion and a 24% stake in the new entity.
The necessary regulatory approvals have so far been received from six of the nine relevant regions, however on December 5, 2017, the U.S. Federal Trade Commission (FTC) issued an administrative complaint challenging Tronox’s proposed acquisition of Cristal.
Cristal continues to believe the transaction will be will be good for competition, customers and consumers, and it intends to investigate all options to bring the proposed acquisition to a successful close.
Cristal is one of the largest producers of titanium dioxide and a leading producer of titanium chemicals. Cristal is the world’s leading supplier of ultrafine titanium dioxide products and titanium chemicals and is a fast-growing producer of mineral sands and titanium metal powder. Cristal operates eight manufacturing plants in seven countries on five continents and employs nearly
3,400 people worldwide.
Cristal is owned 79% by Tasnee, a listed Saudi joint stock company and 20% by Gulf Investment Corporation, a company equally owned by the six states of the Gulf Cooperation Council and headquartered in Kuwait.