Tronox Seeks Permission to Present Proposed Divestiture of Ashtabula Complex to FTC Commissioners as Remedy for its Pending Cristal Acquisition
Regulators in eight non-U.S. jurisdictions, including the
The motion asks the Court to make a written determination, within the five-day period provided by Rule 3.25(c), that there is a reasonable possibility of settlement and certify the proposed consent decree for the FTC Commissioners' consideration with a recommendation that the FTC Commissioners accept the proposed resolution of the case. Tronox's filing also requests that the FTC withdraw this matter from the Part 3 adjudication for the purpose of considering the proposed consent decree.
Under the proposed acquisition of the Ashtabula complex by
If the administrative law judge grants
Quinn added, "Our priority continues to be to close the Cristal acquisition as soon as possible so we can immediately get to the business of unlocking value for our shareholders and better serving our global customer base. I am confident this proposed remedy benefits U. S. consumers, while resolving allegations in the FTC's complaint."
Tronox Limited is a vertically integrated mining and inorganic chemical business. The company mines and processes titanium ore, zircon and other minerals, and manufactures titanium dioxide pigments that add brightness and durability to paints, plastics, paper and other everyday products. For more information, visit tronox.com.
Cristal (also known as The National Titanium Dioxide Company Limited) operates eight manufacturing plants in seven countries on five continents and employs approximately 4,100 people worldwide. Cristal is owned 79 percent by Tasnee (a listed Saudi joint-stock company) and 20 percent by Gulf Investment Corporation (GIC), a company equally owned by the six states of the Gulf Cooperation Council (GCC), headquartered in Kuwait. One percent of the company is owned by Dr. Talal A. Al-Shair, who also serves as vice chairman, Tasnee and chairman of Cristal.
Statements in this release that are not historical are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. These and other risk factors are discussed in the company's filings with the Securities and Exchange Commission (
Specifically, there can be no assurance that consent referred to in this release will be granted by the FTC's administrative law judge pursuant to 16 C.F.R. § 3.25 (Rule 3.25) and even if such consent is granted there can be no assurance that the proposed remedy transaction will be accepted by the FTC and that our proposed acquisition of Cristal's TiO2 business will be consummated. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Unless otherwise required by applicable laws, we undertake no obligation to update or revise any forward-looking statements, whether because of new information or future developments.
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