12 June 2012 14:09 [Source: ICIS news]
LONDON (ICIS)--Germany-based titanium dioxide (TiO2) producer crenox is expected to be transfered to its new owner, Sachtleben, on 1 July, the company's insolvency administrator said on Tuesday.
Sachtleben, a TiO2 joint venture between US-based Rockwood and Finland’s Kemira, on Monday announced a deal with the administrator to buy crenox, which has been under insolvency proceedings for more than three years.
Administrator Eberhard Stock said that Sachtleben would take on all 550 crenox workers at Krefeld-Uerdingen, where the company has a 107,000 tonne/year TiO2 plant.
Stock added that the proposed transaction was not likely to be opposed by competition regulators as Sachtleben and crenox focus on different TiO2 market segments.
He did not disclose for how much crenox was sold.
The insolvency administrator had relaunched the business, which was previously part of US-based Tronox, in 2010 as crenox.
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