WynyardEngland, February 1, 2024 /PRNewswire/ — Venator Materials PLC (“Venator”) today announced that its newly appointed board of directors will work with management to complete a strategic review to solidify Venator's position following its emergence from Chapter 11. announced its intention to implement a transformation plan. For long-term success. The plan has the support of new shareholders.
2024 Transformation Plan Highlights
- Streamline 130kt Titanium Dioxide (TiO)2) capacity EuropeStarting with TiO shutdown2 Production in Duisburg, Germany
- Transfer Specialty TiO2 Business from Duisburg to Uerdingen, Germany
- Strengthen remaining TiO2 Footprint of innovation and investment
- Recover profits through pricing and cost control
- Pursuing opportunities to monetize the specified additives business
Simon TurnerPresident and Chief Executive Officer of
“Today we are announcing an important step in our transformation plan: the planned removal of 50,000 tonnes of TiO.2 Duisburg's carrying capacity, Germany In the second quarter of 2024, a related transfer of special production capacity will take place to strengthen our Uerdingen facility. The Duisburg site will continue to operate with a focus on the functional additives business. Our 80kt TiO2 Scarlino Italythe facility will remain offline pending the development of local regulations and TiO improvements.2 Product market conditions.
“We will strengthen TiO.”2 Strengthen your business by enhancing product and customer supply while recovering margins through pricing. Additionally, we will pursue opportunities to monetize certain additive businesses.
“We strongly believe that our transformation plan will better position the Venator business for the future and look forward to announcing further measures in due course. We recognize and regret the impact they have had, and we will respond to them with fairness and respect, consistent with our values.”
About Venator
Venator is a global manufacturer and distributor of chemical products comprising a wide range of pigments and additives that bring color and vibrancy to buildings, protect and extend products, and reduce energy consumption. We sell our products globally to a diverse group of industrial customers through two segments:2 We are developing our functional additives business, which consists of functional additives, coloring pigments, and wood processing businesses.to the original WynyardUK-based Venator employs approximately 2,700 people and sells products in more than 106 countries.
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For more information about Venator and its sustainability efforts, please visit www.venatorcorp.com.
Cautionary note regarding forward-looking statements
This press release contains “forward-looking statements” within the meaning of federal securities laws. “expect”, “anticipate”, “could”, “should”, “intend”, “plan”, “believe”, “seek”, “see”, “may”, ” The words “will”, “will”, “goals” and similar expressions identify forward-looking statements. This includes, but is not limited to, statements related to implementing the transformation plan. Germany and the benefits expected from such a plan. These statements are not guarantees of future performance and are subject to numerous evolving risks that we may not be able to accurately predict or assess, including our risk factors identified in our most recent annual report. Warning that it is subject to uncertainty. 20-F of the year ended December 31, 2022 and subsequent documents filed or to be filed with the SEC, including reports on Form 6-K for ended quarterly periods. March 31, 2023filed with the SEC May 18, 2023.
Forward-looking statements speak only as of the date on which they are made, and, except as required by law, the Company does not make any forward-looking statements, whether as a result of new information or otherwise. We have no obligation to update or correct it. Future events and other things. New factors emerge from time to time, and it is impossible for us to predict all such factors, many of which are beyond our control. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements contained from time to time in documents we have filed or may file with the SEC. The risk factors and other factors described therein may cause the results, results, expectations and projections to differ materially from those contained in the forward-looking statements.
SOURCE Venator Materials PLC
