Tronox Limited, a global mining and inorganic chemicals company, confirmed that its proposed acquisition of the titanium dioxide business of The National Titanium Dioxide Company Limited will be presented to the Federal Trade Commission for its consideration. The FTC staff joined Tronox in moving to withdraw the case from adjudication and asking the Commission to consider the transaction with the proposed remedy. In addition to the motion, the submission to the Commission consists of the proposed orders necessary to authorize the transaction, including an Agreement Containing Consent Orders, a Decision and Order, and an Order to Maintain Assets, together with a definitive agreement for the sale of Cristal’s North American TiO2 business to INEOS Enterprises, a division of INEOS, (“INEOS“). All the proposed orders have been executed by the parties. The transaction, modified to include the proposed divestiture, has garnered widespread support from Cristal and Tronox’s North American pigment customers. “This joint submission with FTC staff represents significant progress toward obtaining clearance from the FTC to proceed with both the consummation of our transaction and the proposed remedy,” said Jeffry N. Quinn, president and chief executive officer of Tronox. Click Read More below for additional detail.
PM-Kymmene Corporation is proceeding with the plan to change its corporate structure in Finland to better match its current business structure.
Three new subsidiaries have been established in Finland: UPM Energy Oy, UPM Paper Asia Oy and UPM Paper ENA Oy. The personnel and assets of UPM Energy, UPM Paper Asia and UPM Paper ENA (Europe and North America) in Finland are planned to be transferred to the new companies on 1 July 2016.
UPM Raflatac and UPM Plywood operate already in their own subsidiaries in Finland. UPM Biorefining will remain in UPM-Kymmene Corporation.
The UPM business structure and operating model of businesses will remain as today. The arrangement has minor impact on day-to-day operations. The staff will transfer to the new companies with existing terms and conditions. The corporate structure change does not include personnel reductions.