National Titanium Dioxide Company, Ltd. (Cristal) said it has acquired the titanium dioxide (TiO2) business of China based, Jiangxi Tikon Titanium Company Ltd.
The transaction which consists of a combination of assets and equity is expected to close no later than the end of the first quarter of 2015.
“The acquisition is part of Cristal’s strategy to expand global geographical presence in all global regions and hike its presence in the largest TiO2 market in the world,” Cristal said.
China represents a significant portion of the future global titanium dioxide demand growth over the coming decades.
And this move supports Cristal’s strategy to become the strongest and most globally placed titanium producer in the world.
The Jiangxi Tikon manufacturing facility is located in the city of Fuzhou in Jiangxi Province of China.
Cristal is one of the largest producers of titanium dioxide and a leading producer of titanium chemicals.
Cristal is owned 66% by Tasnee, a listed Saudi joint stock company and 33% by Gulf Investment Corporation, a company equally owned by six GCC states.
It operates seven manufacturing plants in six countries on five continents and employs nearly 4,500 people worldwide. (AR)
