Cristal Completes Acquisition of Millennium Inorganic Chemicals
Wednesday May 16, 9:00 am ET
HUNT VALLEY, Md., and JEDDAH, Saudi Arabia, May 16 /PRNewswire-FirstCall/ -- Cristal, an affiliate of Saudi Arabia's National Industrialisation Co., today announced that it has completed its acquisition of Lyondell's titanium dioxide business, Millennium Inorganic Chemicals. The $1.3 billion transaction makes the combined Cristal and Millennium Inorganic Chemicals organization the second largest TiO2 company in the world, based on titanium chemical sales and nameplate capacity.
Cristal will retain Millennium Inorganic Chemicals (MIC) headquarters in Hunt Valley, Maryland, USA. Combined, Cristal and MIC operate nine factories in six countries and employ approximately 3,700 people worldwide.
"Together, Cristal and MIC are the second largest global producer of titanium products with the most diverse manufacturing platform. Our global depth and breadth allow us to better meet customer needs worldwide and position us for long-term success in the titanium dioxide industry," said Dr. Talal Al-Shair, Chairman, Cristal.
National Titanium Dioxide Company Ltd. ("Cristal") and Millennium Inorganic Chemicals (MIC) combine to form the world's second-largest producer of titanium dioxide and a leading producer of titanium chemicals. Cristal and MIC operate nine manufacturing plants in six countries and employ more than 3,700 people worldwide.
Millennium Inorganic Chemicals ("MIC") is a wholly-owned subsidiary of Cristal. "TASNEE," a Saudi major diversified company with chemicals and petrochemicals operations, owns 66 percent of Cristal, while 33 percent of Cristal is owned by Gulf Investment Corporation ("GIC"), an investment house established in Kuwait by the GCC countries.
Source: Millennium Inorganic Chemicals
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