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.