WYNYARD, UK, Sept. 28, 2020 /PRNewswire/ -- Venator
Materials PLC (NYSE: VNTR) ("Venator") today announced that
Louisiana Pigment Company, L.P. ("LPC"), its joint venture titanium
dioxide production facility located in Lake Charles, Louisiana, has resumed
production in increasing phases following the end of supplier
outages caused by Hurricane Laura, which had led the facility to
temporarily cease production. Physical damage to the site was
minor, and the site is expected to be fully operational on or about
October 1. Venator expects the EBITDA impact of the outage to
be up to $10 million in the third
quarter.
Simon Turner, President and CEO
of Venator, stated, "I am pleased with the rapid response by the
management team and associates at the LPC facility to safely resume
production as soon as energy and raw material supply were
restored."
In a further update, he also commented, "We are continuing to
cooperate in the preparation of regulatory filings required for SK
Capital to acquire Huntsman's equity stake in Venator. The
transaction by which SK Capital will acquire Huntsman's stake in
Venator received prior approval by the nonconflicted independent
members of our board, and we look forward to the expected closing
of that transaction near year end."
About Venator
Venator is a global manufacturer and
marketer of chemical products that comprise a broad range of
pigments and additives that bring color and vibrancy to buildings,
protect and extend product life, and reduce energy consumption. We
market our products globally to a diversified group of industrial
customers through two segments: Titanium Dioxide, which consists of
our TiO2 business, and Performance Additives, which
consists of our functional additives, color pigments, timber
treatment and water treatment businesses. We operate 24 facilities,
employ approximately 4,000 associates worldwide and sell our
products in more than 110 countries.
Cautionary Statement Concerning Forward-Looking
Statements
Certain statements contained in this press
release constitute "forward looking statements" within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995. These
forward looking statements represent Venator's expectations or
beliefs concerning future events, and it is possible that the
expected results described in this press release will not be
achieved. These forward looking statements are subject to risks,
uncertainties and other factors, many of which are outside of
Venator's control, that could cause actual results to differ
materially from the results discussed in the forward looking
statements, including the impacts and duration of the global
outbreak of the Coronavirus Disease 2019 pandemic on the global
economy and all aspects of our business, including our employees,
customers, suppliers, partners, results of operations, financial
condition and liquidity, global economic conditions, our ability to
maintain sufficient working capital, our ability to access capital
markets on favorable terms, changes to our plans or strategies due
to any changes to our Board or management following any significant
change in ownership of a controlling interest in our shares, our
ability to transfer technology and manufacturing capacity from our
Pori, Finland manufacturing
facility to other sites in our manufacturing network, the costs
associated with such transfer and the closure of our Pori facility,
our ability to realize financial and operational benefits from our
business improvement plans and initiatives, impacts on
TiO2 markets and the broader global economy from the
imposition of tariffs by the U.S. and other countries, changes in
raw material and energy prices, or interruptions in raw materials
and energy, industry production capacity and operating rates, the
supply demand balance for our products and that of competing
products, pricing pressures, technological developments, legal
claims by or against us, changes in government regulations,
including increased manufacturing, labeling and waste disposal
regulations and the classification of TiO2 as a
carcinogen in the EU, geopolitical events, cyberattacks and public
health crises such as coronavirus.
Any forward looking statement speaks only as of the date on
which it is made, and, except as required by law, Venator does not
undertake any obligation to update or revise any forward looking
statement, whether as a result of new information, future events or
otherwise. New factors emerge from time to time, and it is not
possible for Venator to predict all such factors. When considering
these forward looking statements, you should keep in mind the risk
factors and other cautionary statements in Venator's Annual Report
on Form 10-K for the year ended December 31,
2019 filed with the SEC and in its Quarterly Reports on Form
10-Q and Current Reports on Form 8-K. The risk factors and other
factors noted therein could cause its actual results to differ
materially from those contained in any forward looking
statement.
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SOURCE Venator Materials PLC