February 01, 2024
Venator
Announces Transformative Business Plan and Intends to Shut Down TiO2 Production
in Duisburg, Germany
Wynyard, UK –
Venator Materials PLC ("Venator") today announced that, following its
emergence from Chapter 11, the newly appointed board of directors, together
with management, have completed a strategic review and intend to implement a
transformation plan to position Venator for long-term success. This plan has
the support of its new shareholders.
2024 Transformation Plan Highlights
·
Rationalize 130kt titanium dioxide
(TiO2) capacity in Europe, starting with the shut down of TiO2 production in
Duisburg, Germany
·
Transfer the specialty TiO2 business
from Duisburg to Uerdingen, Germany
·
Strengthen our remaining TiO2 footprint
through innovation and investment
·
Recover margins through pricing and
cost management
·
Pursue opportunities to monetize
specific additives businesses
Simon Turner,
President and Chief Executive Officer, said:
“Today we are
announcing a key step in our transformation plan with the planned removal of
50kt TiO2 capacity in Duisburg, Germany in Q2 2024, and the related transfer of
our specialty production capability to strengthen our Uerdingen facility. The
Duisburg site will continue to operate, focusing on its functional additives
business. Our 80kt TiO2 Scarlino, Italy, facility continues to be offline
pending local regulatory developments and improvement in TiO2 market conditions
for its products.
“We will
strengthen our TiO2 business through enhancing our product and supply offer to
our customers as we recover margins through pricing. In addition, we will also
pursue opportunities to monetize specific additives businesses.
English