Saudi Arabian Firm to Buy Lyondell’s TiO2 Business

Lyondell Chemical says it has signed an agreement to sell its Millennium Chemicals’ titanium dioxide (TiO2) business to privately held National Titanium Dioxide (Cristal; Yanbu, Saudi Arabia), for about $1.2 billion, including the assumption of certain liabilities primarily related to pensions. Millenium is the world’s second-largest TiO2 producer, behind DuPont. Cristal will catapult from the ninth-largest global producer, to number two, with the acquisition, producers say. The deal is expected to close by mid-year. Smith: Reduce debt, gain...

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