Printer Friendly

KRONOS ANNOUNCES LETTER OF INTENT FOR JOINT VENTURE

 HOUSTON, Feb. 1 /PRNewswire/ -- Kronos, Inc., a wholly owned subsidiary of NL Industries, Inc. (NYSE: NL), announced today that it has entered into a letter of intent to establish a manufacturing joint venture with Tioxide Group, a wholly owned subsidiary of Imperial Chemical Industries PLC. The joint venture, which will be equally owned by Kronos and Tioxide, will operate the titanium dioxide pigments plant at Lake Charles, La., currently owned by Kronos.
 The Lake Charles facility was commissioned in 1992 and has the capability of producing 100,000 metric tons of titanium dioxide per year. Dr. Lawrence Wigdor, Kronos' president and chief executive officer, stated that the output from the joint venture, augmented by increased capacities at Kronos' other chloride process plants in Europe and Canada, will provide the opportunity for Kronos to strengthen its North American and worldwide presence in future years. Dr. Wigdor further stated that the production capacity at Kronos' other chloride process plants is 25,000 metric tons greater than previously reported as a result of improved operating efficiencies. Kronos produces chloride process pigments at Varennes, Canada, Langerbrugge, Belgium and Leverkusen, Germany in addition to Lake Charles. Kronos, with world's fourth largest producer of titanium dioxide pigments, will continue to produce a full range of pigment grades.
 Dr. Wigdor also said that the manufacturing joint venture could facilitate future expansion of the Lake Charles facility sooner than would have otherwise been possible.
 The letter of intent contemplates the contribution by Kronos to the joint venture of the Lake Charles facility, a cash payment to Kronos by Tioxide of approximately $200 million, and an exchange of each company's technology with a restriction on the exchanged product technologies in Europe for three years. The transaction is subject to, among other things, obtaining acceptable joint venture financing, preparation of definitive agreements, and review by U.S. antitrust authorities.
 NL Industries, Inc., a major producer of titanium dioxide pigments and specialty chemicals, is headquartered in Houston. NL's common stock is traded on the New York and Pacific Stock Exchanges under the symbol "NL".
 -0- 2/1/93
 /CONTACT: David B. Garten of Kronos, Inc., 713-987-5000/
 (NL)


CO: Kronos, Inc.; NL Industries, Inc. ST: Texas IN: CHM SU: JVN

PS-TS -- NY021 -- 1215 02/01/93 09:37 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 1, 1993
Words:377
Previous Article:GRAFF PAY-PER-VIEW COMPLETES $4 MILLION PRIVATE PLACEMENT FOR EUROPEAN ACQUISITION AND TO QUALIFY FOR NASDAQ LISTING
Next Article:THE CHUBB CORPORATION REPORTS RESULTS
Topics:


Related Articles
EMERSON ELECTRIC AND ROBERT BOSCH GmbH ANNOUNCE LETTER OF INTENT FOR POWER TOOL JOINT VENTURE
EMERSON ELECTRIC AND ROBERT BOSCH GmbH ANNOUNCE LETTER OF INTENT FOR POWER TOOL JOINT VENTURE
FORTIS ANNOUNCES INTENTION TO FORM A JOINT VENTURE WITH SPAIN'S 'LA CAIXA'
AMERICAN PRESIDENT COMPANIES AND EASTERN ASIATIC COMPANY SIGN LETTER OF INTENT
AMERICAN PRESIDENT COMPANIES AND EASTERN ASIATIC COMPANY SIGN LETTER OF INTENT
TIOXIDE AGREES TO NORTH AMERICAN JOINT VENTURE
WARNER-LAMBERT, WELLCOME AND GLAXO ANNOUNCE STRATEGIC ALLIANCES
NL ANNOUNCES 1993 RESULTS
BETA WELL ANNOUNCES SHAREHOLDER APPROVAL OF QUEST ACQUISITION
Kronos Air Technologies Announces Management Restructuring And Customer Letters of Intent.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters