WYNYARD, UK, April 3,
2023 /PRNewswire/ -- Venator Materials PLC
("Venator") (NYSE: VNTR) announced today that it has completed the
sale of its Iron Oxide business to Cathay Industries. The
enterprise value of the transaction was $140
million and Venator expects to receive cash proceeds of
approximately $130 million net of
working capital adjustments, taxes, fees and other closing cash
adjustments. Venator expects an approximate $50 million reduction of its ABL facility
resulting in a net liquidity improvement of approximately
$80 million.
About Venator
Venator is a global manufacturer and
marketer of chemical products that comprise a broad range of
pigments and additives that bring color and vibrancy to buildings,
protect and extend product life, and reduce energy consumption. We
market our products globally to a diversified group of industrial
customers through two segments: Titanium Dioxide, which consists of
our TiO2 business, and Performance Additives, which
consists of our functional additives, color pigments and timber
treatment businesses. Based in Wynyard, U.K., Venator employs approximately
2,800 associates and sells its products in more than 106
countries.
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Cautionary Statement Concerning Forward-Looking
Statements
Certain statements contained in this press
release constitute "forward-looking statements" within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995. These
forward- looking statements represent Venator's expectations or
beliefs concerning future events, and it is possible that the
expected results described in this press release will not be
achieved. These forward looking statements are subject to risks,
uncertainties and other factors, many of which are outside of
Venator's control, that could cause actual results to differ
materially from the results discussed in the forward looking
statements, including volatile global economic conditions and a
downturn in the worldwide economy due to inflation, geopolitics,
changes in raw material and energy prices; interruptions in raw
materials and energy supply; economic and other impacts from the
military conflict in Ukraine and
the economic sanctions imposed due to the conflict; the impacts and
duration of the COVID-19 pandemic and the measures put in place by
governments in response; our ability to maintain sufficient working
capital; our ability to engage with shareholders and debtholders
with respect to our capital structure or access capital markets on
favorable terms or at all; our ability to explore and execute on
strategic alternatives, including by raising additional equity
capital or debt, by reducing or delaying our business activities,
by initiating reductions in force, by selling assets, by
restructuring, refinancing, purchasing, repaying or otherwise
retiring our outstanding debt; our ability to remain compliant with
all covenants in our debt agreements; the volatility in the price
of our ordinary shares, including as a result of us exploring
strategic alternatives; the costs associated with site closures,
including our Pori facility; the execution of our cost reduction
programs and initiatives; our ability to realize financial and
operational benefits from our cost reduction program and
operational improvement plans and initiatives; industry production
capacity and operating rates; the supply demand balance for our
products and that of competing products; pricing pressures;
technological developments; legal claims by or against us; changes
in government regulations, including increased manufacturing,
labeling and waste disposal regulations and the classification of
TiO2 as a carcinogen in the EU; management of materials resulting
from our manufacturing process, including the ability to develop
commercial markets in the regions in which we manufacture and our
ability to dispose of these materials if necessary; the impacts of
increasing climate change regulations; geopolitical events;
cyberattacks; and public health crises.
Any forward-looking statement speaks only as of the date on
which it is made, and, except as required by law, Venator does not
undertake any obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise. New factors emerge from time to time, and it is not
possible for Venator to predict all such factors. When considering
these forward-looking statements, you should keep in mind the risk
factors and other cautionary statements in Venator's Annual Report
on Form 20-F for the year ended December 31,
2022, filed with the SEC. The risk factors and other factors
noted therein could cause its actual results to differ materially
from those contained in any forward-looking statement.
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SOURCE Venator Materials PLC
