WYNYARD, UK - Venator Materials PLC has announced the completion of the sale of its Iron Oxide business to China-based Hebei Glory Star Group. The Iron Oxide business of Venator is a significant supplier of pigments and additives for various applications globally. The acquisition by Hebei Glory Star Group will further strengthen the company's position as a leading player in the minerals and chemicals industry.
Hebei Glory Star Group is a diversified company that consists of three parts: an international trading company, minerals factories, and chemical factories. The minerals factories are situated in Hebei Province, while the chemical factories are located in Shandong Province. The group has a global presence and has established a reputation for excellence in its products and services.
"We are excited to add Venator's Iron Oxide business to our portfolio," said Mr. Wei Wang, Chairman of Hebei Glory Star Group. "The acquisition aligns with our strategy of expanding our minerals and chemicals product lines, and we look forward to working with Venator's talented team as we continue to grow our business domestically and internationally."
The acquisition will enable Hebei Glory Star Group to expand its product portfolio and strengthen its position in the mineral and chemical markets. Iron Oxide is a crucial pigment for many applications such as construction, coatings, plastics, and ink. It adds color, improves durability, and enhances the overall aesthetic appearance of the final product.
"We are pleased to have completed the sale of our Iron Oxide business to Hebei Glory Star Group, a company with an excellent reputation and extensive expertise in the minerals and chemicals industry," said Simon Turner, CEO of Venator. "This sale aligns with our strategic focus on our remaining businesses and will allow us to focus on growth opportunities in our core markets."
The sale of Iron Oxide business is part of Venator's strategy to focus on its primary businesses and growth opportunities. The company announced a series of measures in 2022 to improve its financial performance and strengthen its core businesses. This includes restructuring initiatives, divestitures, and cost optimization programs.
The acquisition of Venator's Iron Oxide business by Hebei Glory Star Group highlights the growing trend of Chinese companies expanding their global presence in the minerals and chemicals industry. China is the largest producer and consumer of minerals and chemicals globally, and Chinese companies are keen to expand their reach through acquisitions and investments.
The acquisition is expected to bring significant synergies and benefits to Hebei Glory Star Group, including a broader product portfolio, access to new markets, and increased production capacities. With its established global presence and expertise in the minerals and chemicals industry, Hebei Glory Star Group is well-positioned to continue its growth trajectory and expand its operations globally.
In conclusion, the acquisition of Venator's Iron Oxide business by Hebei Glory Star Group is a significant milestone for both companies. The acquisition will allow Hebei Glory Star Group to expand its product portfolio and strengthen its position in the minerals and chemicals industry, while Venator will streamline its operations and focus on growth opportunities in its core markets. The transaction is expected to bring significant benefits to both companies and highlights the growing trend of Chinese companies expanding their global presence in the minerals and chemicals industry.