General
Venator completes sale of iron oxide business to Cathay Industries
The enterprise value of the transaction was $140 million
- By ICN Bureau
| April 04, 2023
Venator Materials PLC, announced that it has completed the sale of its Iron Oxide business to Cathay Industries. The enterprise value of the transaction was $140 million and Venator expects to receive cash proceeds of approximately $130 million net of working capital adjustments, taxes, fees and other closing cash adjustments. Venator expects an approximate $50 million reduction of its ABL facility resulting in a net liquidity improvement of approximately $80 million.
In addition to Venator’s product portfolio, the purchase includes eight manufacturing sites and one administrative site, across 6 countries on 4 continents. This transformational investment demonstrates demonstrates Cathay’s commitment to further its global network, with customisation capabilities close to its customers and partners.
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