Venator Materials PLC announced that they 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 shutdown 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 CEO, 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.”
Turner concluded, “
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. We strongly believe that our transformation plan will better position the Venator business for the future and we look forward to announcing further steps in due course. We do however recognize and regret the impact that today’s announcement will have on our associates at Duisburg and will treat them with fairness and respect, consistent with our values.”
Source: Venetor