Huntsman completes buyout of S African TiO2 jv partner

28 June 2002 11:50  [Source: ICIS news]

LONDON (CNI)--UK firm Huntsman Tioxide announced Friday that it has completed the purchase of AECI's 40% stake in their South African titanium dioxide (TiO₂) joint venture for Rand84.2m ($8.2m/Euro8.4m).

The acquisition of Huntsman Tioxide South Africa (HTSA) was first announced in April. HTSA produces approximately 45 000 tonne/year of TiO₂ at Umbogintwini in KwaZulu-Natal.

As the majority shareholder, Huntsman Tioxide had been responsible for the HTSA's production and sales, so the completion of this transaction will not change day to day operations at the Umbogintwini site, the company said.

Wayne Barnacal, chairman of Huntsman Tioxide South Africa, said: "I am delighted that we have been able to complete the arrangements for this purchase so quickly and efficiently.

"We remain highly committed to the TiO₂ business and having full ownership of Tioxide South Africa will enhance our ability to fulfil our global objectives. We are looking forward with great anticipation to continuing our improvement programmes at the site, to serve our customers in South Africa and export markets".

With a nameplate capacity of nearly 600 000 tonne/year, Huntsman Tioxide said it is the world’s third largest producer of titanium pigments. In addition to South Africa, it has manufacturing operations in Malaysia, France, Spain, Italy, UK and a joint venture in the US.

By: Russell Ong
+44 208 652 3214

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