The final dollar number is subject to working capital adjustments. Customary closing conditions apply to the transaction, which is expected to close mid-2018.
The announcement comes in the midst of the global mining and inorganic chemicals company’s ongoing efforts to close a $1.7 billion agreement to acquire the titanium dioxide business of Saudi chemical and mining company Cristal. That deal has run into regulatory opposition from the Federal Trade Commission and, earlier this week, the European Commission.
“As we focus on our evolution into a leading global producer of titanium dioxide, we are pleased to find a long-term investor to purchase this non-core business,” Tronox President and CEO Jeffry N. Quinn said of the agreement with EMD.
EMD is a division of Caterpillar Inc., and is headquartered in La Grange, Illinois.