Venator announces transformation: TiO2 production in Duisburg to be interrupted
Venator announces that the newly appointed board of directors and management have conducted a strategic review following the end of Chapter 11 financial restructuring. In order to position Venator for long-term success, the company now intends to implement a transformation plan. This plan is supported by the new shareholders.
- The priorities of the 2024 transformation plan are:
- Rationalisation of 130kt titanium dioxide (TiO2) capacity in Europe, starting with the planned
- discontinuation of TiO2 production in Duisburg, Germany
- Relocation of the Speciality TiO2 business unit from Duisburg to Uerdingen, Germany Strengthening the remaining TiO2 production through innovation and investment
- Achieving margins through price adjustments and efficient cost management
- Seize opportunities to monetise selected additive product lines
Timing and impact
Simon Turner, President and Chief Executive Officer, said: “Today we are announcing an important step in our transformation plan: The planned reduction of 50,000 tonnes of TiO2 capacity in Duisburg will be implemented in the second quarter of 2024. This includes the transfer of our speciality production capacities to Uerdingen in order to strengthen this site. Despite these changes, the Duisburg site will continue to operate and will focus on the functional additives business in future. Our 80kt TiO2 plant in Scarlino, Italy, will remain offline until local regulatory developments are finalised and market conditions for TiO2products improve.”
Turner added: “We will strengthen our TiO2 business by expanding our product and supply offering to our customers and improving our margins through pricing. In addition, we will also look for opportunities to monetise our specialty additives business. We are convinced that our transformation plan will better position Venator for the future. We will announce further steps soon. However, we regret the impact on our employees in Duisburg. In the ongoing transformation process, we will respectfully accompany the employees affected on site, inform them transparently about all relevant steps and offer the best possible support for a smooth transition.”
Reading tip
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