Venator Materials (‘Venator’) completes a strategic review. Venator intends to implement a transformation plan to position Venator for long-term success. The plan has the support of its new shareholders.
Strategic Transformation Plan
2024 Transformation Plan Highlights:
- Rationalize 130kt titanium dioxide (TiO2) capacity in Europe. It will start 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
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Today we are announcing a key step in our transformation plan. It is the planned removal of 50kt TiO2 capacity in Duisburg, Germany in Q2 2024. The step also includes related transfer of our specialty production capability. It is to strengthen our Uerdingen facility,” said Simon Turner. He is the president and chief executive officer of Venator.
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The Duisburg site will continue to operate, focusing on its functional additives business. Our 80kt TiO2 Scarlino, Italy, facility continues to be offline. The reopening depends on the pending local regulatory developments. It also depends on the improvement in TiO2 market conditions for its products,” continued Turner.
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We will strengthen our TiO2 business by enhancing our product and supply offer to our customers as we recover margins through pricing. We will also pursue opportunities to monetize specific additives businesses,” stated Turner.
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We strongly believe that our transformation plan will better position the Venator business for the future. 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. We will treat them with fairness and respect, consistent with our values,” added Turner.
Source: Venator Materials