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September 23, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Stamford’s Tronox finally wins FTC approval of $1.7B acquisition

After some 18 months of back-and-forth with the U.S. Federal Trade Commission, Stamford-based global mining and inorganic chemicals company Tronox has completed its $1.7 billion acquisition of the titanium dioxide (TiO2) business of a Saudi Arabian company.

Tronox had taken legal action against the FTC over its objections to the deal with Cristal, also known as the National Titanium Dioxide Co. The FTC issued an order and decision allowing the transaction to proceed after Tronox agreed to sell Cristal’s North American TiO2 business to British chemicals firm Ineos Enterprises. That divestiture transaction is scheduled to close on May 1.

“I am pleased this transformative acquisition has finally been completed and I greatly admire the resiliency both organizations have shown throughout this process,” said Tronox Chairman and CEO Jeffry N. Quinn. “We look forward to getting to the business of creating value for our shareholders, serving the needs of our global customers and creating opportunities for our employees.”