Acquisition Update: Cristal and Millennium
Cristal, an affiliate of Saudi Arabia's National Industrialization Co., has completed its acquisition of Lyondell's titanium dioxide business, Millennium Inorganic Chemicals. The $1.3 billion transaction makes the combined Cristal and Millennium Inorganic Chemicals organization the second largest TiO2 company in the world, based on titanium chemical sales and nameplate capacity. Cristal will retain Millennium Inorganic Chemicals headquarters in Hunt Valley, MD. Combined, Cristal and MIC operate nine factories in six countries and employ approximately 3,700 people worldwide.