Industry News

Hitox to Buy-Back Major Stake in MTC

Published on 2002-03-27. Author : SpecialChem

Hitox Corp. of America signed a letter of intent to acquire a controlling interest, up to 100%, in the Malaysian Titanium Corporation. MTC was previously a subsidiary of Hitox and was sold to Megamin Ventures and other investors in 1994.

Subject to completion of a satisfactory due diligence review, negotiation and execution of a definitive acquisition agreement among the parties, receipt of regulatory approvals and receipt of an appropriate fairness opinion, the parties anticipate the acquisition to be finalized in the first quarter of 2000.

MTC is the Company's sole supplier of Synthetic Rutile Titanium Dioxide, the raw material for the Company's proprietary titanium pigment Hitox. MTC is also producing and selling Hitox pigment in Asia under a license from the Company. Mr. Paulson, president and CEO, stated that MTC started their Hitox operation in June of 1999 with a single production line and is planning to double capacity in 2000. Paulson believes that the Asian market represents substantial business opportunities for the Company's products.

MTC was previously a subsidiary of Hitox, and was sold to Megamin Ventures SDN BHD and other investors in 1994. MTC operates profitably and represents both a low cost production site for Hitox pigment and marketing opportunities outside the U.S. market.

Based in Corpus Christi, TX, Hitox Corp. manufactures pigments and extenders that are marketed worldwide to paint, plastics and chemical industries.

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