Venator announces that Louisiana Pigment Company, L.P. ("LPC"), its joint venture titanium dioxide production facility located in Lake Charles, Louisiana, has resumed production. The facility had temporarily ceased production due to supplier outages caused by Hurricane Laura.
Facility Opens After Temporary Halt
Venator expects the EBITDA impact of the outage to be up to $10 million in the third quarter. Simon Turner, president and CEO of Venator, stated, "
I am pleased with the rapid response by the management team and associates at the LPC facility to safely resume production as soon as energy and raw material supply were restored."
In a further update, he also commented, "
We are continuing to cooperate in the preparation of regulatory filings required for SK Capital to acquire Huntsman's equity stake in Venator. The transaction by which SK Capital will acquire Huntsman's stake in Venator received prior approval by the nonconflicted independent members of our board, and we look forward to the expected closing of that transaction near year end."
Venator manufactures and marketes 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. It markets products globally to a diversified group of industrial customers through two segments: Titanium Dioxide, which consists of our TiO
2 business, and Performance Additives, which consists of functional additives, color pigments, timber treatment and water treatment businesses.
Source: Venator