British firm to buy Cristal's north American business for $700 mln

British chemicals firm INEOS Enterprises has signed an agreement to acquire the North American business of National Titanium Dioxide Company Limited (Cristal) from NYSE-listed Tronox Limited for $700 million, it said in a statement on Tuesday.

Cristal’s North American business includes two-plants located at the Ashtabula, OH complex.

The deal forms the proposed remedy package submitted to the US Federal Trade Commission (FTC) by Tronox ahead of its proposed acquisition of Cristal’s global titanium dioxide (TiO2) business.

The proposed sale of the North American business to INEOS has received support from Cristal and Tronox’s North American customers and will make INEOS the second largest producer of this product in the country.

The wider transaction and remedy proposal is subject to clearance by the FTC, the statement added.

Cristal is owned 79 percent by Tasnee and 20 percent by Gulf Investment Corporation.