Cristal gets US approval for $110m ITP takeover

08 October 2008 12:31  [Source: ICIS news]

LONDON (ICIS news)--Cristal has won US regulatory approval to for its $110m (€80m) takeover of International Titanium Powder (ITP), a US maker of high-purity titanium and titanium alloy powders, Cristal’s parent company Tasnee said on Wednesday.

 

The acquisition was expected to close in the near future, Tasnee said.

 

In October 2007, ITP broke ground on a 4m lb/year (1,814 tonne/year) titanium powder plant in Ottawa, Illinois, which it expected to be completed by the third or fourth quarter of 2009.

 

Cristal also recently acquired nearly 93% interest in Australia’s Bemax Resources, among the world's largest mineral sands companies and a major producer of titanium dioxide (TiO2).

 

($1 = €0.73)

 

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By: Mark Watts
+44 20 8652 3214

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