17:44 PM | December 30, 2013 | Lindsay Frost
Harold Simmons, chairman of the board of directors at NL Holdings—which comprises several titanium dioxide (TiO2) manufacturers, including NL Industries (Dallas) and Kronos (Dallas)—passed away on 28 December at the age of 82. According to Bloomberg reports, Simmons was hospitalized two weeks ago at Baylor University Medical Center at Dallas, though the cause of death is not disclosed. Simmons was most recently reported as holding an 81.2% stake in Kronos—of which 80.4% was held by NL Industries and Valhi (Dallas), according to Oppenheimer analysts.
Simmons was known for developing the acquisition concept known as the leveraged buyout. He also had stake in Titanium Metals Corp.(Dallas), Waste Control Specialists (Dallas), and CompX International (Dallas). Simmons was also a political donor for the Republican Party, most recently known for donating to Mitt Romney’s 2012 presidential campaign. As of September, Simmons’ net worth was $10 billion, and he was listed as #40 in the Forbes 400 Richest Americans list.
Kronos reported a 30% drop in net income in the third quarter due to weaknesses in the TiO2 market.