07 June 2012 21:44 [Source: ICIS news]
HOUSTON (ICIS)--US titanium dioxide (TiO2) producer Tronox plans to list on the New York Stock Exchange (NYSE) once its acquisition of the mineral sands business of Exxaro Resources is completed, the company said on Thursday.
Last month the company's shareholders approved the deal. The deal is pending regulatory approval from the South African government. Once those approvals come through, the deal will close in five business days, said Bud Grebey, the vice president of corporate communications.
Then on the next business day, the company will list on the NYSE, he added.
Tronox's stock is traded over the counter (OTC). It reached $156, up 2.46%.
Additionally, Tronox has established its international headquarters in Stamford, Connecticut.
The company was based in Oklahoma City, Oklahoma, which will continue to be the home to several of its corporate functions, There are no plans to relocate the approximately 140 employees in Oklahoma to Connecticut, Grebey said.
Tronox decided to make the move to Stamford to be closer to the financial and capital markets in New York City, Grebey said.
The company also needed to be closer to an international airport so it can have more convenient access to Australia, South Africa and Europe, he added.
“A handful of people will be [in Stamford]. The rest will be new hires,” Grebey said. “When the company was in bankruptcy, many of the senior corporate functions were eliminated. Now we’re adding those functions back.”
The state of Connecticut provided a number of incentives to help lure Tronox.
Tronox will receive a 10-year loan of $3m (€2.4m) at an interest rate of 2%, according to the office of governor of Connecticut.
The company will be able to eliminate $2m of the loan if it creates 60 full-time jobs within the first year of operation. If it creates and retains 100 full-time jobs, the entire loan will be forgiven.
Also, the company may be eligible for benefits through the state’s Job Expansion Tax Credit and Enterprise Zone programmes.
Funds will be used for office fit-out, the purchase of office equipment, information-technology equipment and job training, the governor’s office said.
($1 = €0.80)
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