New Australan titanium company for NYSE listing
11th Jun 2012
JUNE 11 – Global US company Tronox Inc has completed its acquisition of South African Exxaro Resources’ mineral sands business, clearing the way to combine the two sands businesses in a new Australian holding company, Tronox Ltd.
Tronox Ltd’s shares will list on the NYSE on June 18, 2012, under the TROX symbol, after which the company plans an initial special dividend of $US25ps.
The Exxaro assets acquired by the leading titanium dioxide pigment producer/marketer include its 50% of the Tiwest JV with Tronox in Western Australia, 74% of Exxaro’s KZN Sands and 74% of its Namakwa Sands operations in South Africa, in exchange for about 38.5% of Tronox Ltd.
The combined entity will have about 3,500 employees in 16 locations around the world. Combined trailing 12 month revenues are $US2B and EBITDA of $495M.
With the addition of the 50% stake in Tiwest, Tronox’ production capacity will increase to approx 465,000t of titanium dioxide pigment and will be backward-integrated with production capacity of about 95,000t of natural rutile, 380,000t of slag and 220,000t of synthetic rutile, all of which are used in titanium dioxide production. Tronox will also have the capacity to produce a number of other minerals, including about 265,000t of zircon and 220,000t of pig iron.
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