People & Business :: Companies
Saudi Arabian Firm to Buy Lyondell’s TiO2 Business
12:58 PM MDT | July 24, 2007 | Michelle Bryner
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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