Tronox

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Tronox Corporation

Tronox Limited (NYSETROX) is a global chemical company involved in the titanium products industry with approximately 3,500 employees. Following its acquisition of the mineral sands business formerly belonging to South Africa’s Exxaro Resources, Tronox is the largest fully integrated seller and marketer of titanium dioxide (Ti O2) pigment, which provides brightness to applications such as coatings, plastics and paper. Tronox also sells titanium ore – the main feedstock of titanium dioxide - and zircon directly to customers.


Tronox is the third-largest titanium feedstock producer, with approximately 10% of global titanium ore production; and the second-largest producer of zircon, with approximately 20% of global production. The company also has an electrolytic and speciality chemicals business that services the paper and battery industries. Formerly a part of the Kerr-McGee Chemical Corporation and based in Oklahoma City since it was spun off from its parent in 2005, the company announced in June 2012 that it was moving its headquarters to Stamford, Connecticut.[1][2][3]

Contents

History

The company went public in 2005, when Oklahoma City-based Kerr-McGee, which had previously owned the company entirely, issued shares via an IPO on November 21, 2005. It became an independent company in March 2006.[4][5]

In the first quarter of 2006, Tronox replaced Meade Instruments on the S&P SmallCap 600 index, when Kerr-McGee distributed the rest of its stock in Tronox under its former NYSE symbol TRX.B, a class B security. TRX.B started regular-way trading on March 31, 2006.

In 2008, the company's stock price declined significantly, and both classes of stock became penny stocks.

In September 2008, the company's stock moved from the NYSE to OTC.

On 14 January 2009, Tronox filed Chapter 11 bankruptcy. It specified that this action did not include the company's non-USA operations.[6]

In 2009, shareholders of Tronox sued Anadarko (successor to Kerr-McGee) for having misled investors about the large environmental and other debts Tronox would inherit from its parent corporation.[7][8][9][10]

In 2009, the Huntsman Corporation announced it would buy a number of Tronox's assets, such as its factories. In late 2009, Tronox cancelled this deal.[11][12]

Tronox emerged from Chapter 11 Bankruptcy on February 14, 2011.

Tom Casey became CEO in October 2011.[13]

On June 15, 2012, Tronox announced that it had completed the acquisition of Exxaro Mineral Sands and combined both entities under Tronox Limited, an Australian holding company. Describing the benefits of the combination, Tronox Limited CEO Tom Casey said, "We now have the ability to sell into a lucrative titanium feedstock market while assuring our titanium dioxide customers that we have the supply to deliver quality products at reasonable prices.”[14]

Locations

Tronox global corporate headquarters are based in

Stamford, Connecticut

Tronox’s mineral sands operations are based in

Namakwa Sands, South Africa
KwaZulu-Natal (KZN) Sands, South Africa
Cooljarloo, Western Australia
Chandala Processing Plant, Western Australia

Tronox’s Pigment productions are based in

Hamilton, Mississippi
Botlek, Netherlands
Kwinana, Australia

Tronox’s Electrolyic operations are based in

Henderson, Nevada
Hamilton, Mississippi

Inheritances from Kerr-McGee

Among other things, Tronox inherited several radioactive waste sites from its parent corporation, Kerr-McGee. These include the Cimarron Fuel Fabrication Site and the Rare Earths Facility. They are, as of 2009, still undergoing cleanup.[15][16]

It also inherited the Henderson, Nevada "BMI" site. This site had supplied Magnesium and other chemicals beginning around World War II. It eventually leaked perchlorate (used in rocket fuel) into the water table, which subsequently contaminated Lake Mead and the Colorado River, which supply water to millions of people.[17][18]

Exiting bankruptcy in February 2011, Tronox's Chapter 11 plan created the Anadarko litigation trust to pursue Tronox's lawsuit against Anadarko and Kerr-McGee. Tronox has transferred an 88% share of its interest in the lawsuit to the federal government.[19]

See also

References

  1. ^ Mara Lee, "With $3 Million, State Lures Chemical Firm Mired In Pollution Disputes", Hartford Courant, June 6, 2012.
  2. ^ "Tronox to Receive $20.5 Million in Settlement with United States". Tronox. http://www.tronox.com/media/news/archive/news2006/news_20060117.htm. Retrieved 2009 10 6. 
  3. ^ "Tronox 2005 Annual Report". 2005. http://www.tronox.com/file.asp?filename=TRX_2005_AR.pdf. Retrieved 2009 10 6. 
  4. ^ Kerr-McGee launches Tronox IPO in US, raises $225m, 23 November 2005, ICIS news, Brian Ford
  5. ^ Tronox Incorporated Becomes Independent Company; Thomas W. Adams Named Chairman and Chief Executive Officer, Tronox.com media news archive, 2006 3 31
  6. ^ Chemical & Engineering News, 19 Jan. 2009, "Pigment Maker TRONOX Files for Bankruptcy", p. 30
  7. ^ Al Greenwood (2009 May). "Anadarko denies role in bankrupt Tronox fraud lawsuit". ICIS / Reed Business Information Ltd. http://www.icis.com/Articles/2009/05/13/9216003/us-anadarko-denies-role-in-bankrupt-tronox-fraud-lawsuit.html. Retrieved 2009 10 6. 
  8. ^ "Shareholder Class Action Filed on Behalf of Purchasers of Tronox, Inc. by the Law Firm of Barroway Topaz Kessler Meltzer & Check, LLP". PRNewswire / Reuters. 2009. http://www.reuters.com/article/pressRelease/idUS251173+12-Aug-2009+PRN20090812. Retrieved 2009 10 6. 
  9. ^ "Tronox FAQ". Tronox. http://www.tronox.com/ir/faq_ir.htm. Retrieved 2009 10 6. 
  10. ^ Tronox Inc. wants day in court with Kerr-McGee Corp., The Journal Record (Oklahoma City), May 14, 2009, by Marie Price
  11. ^ Tronox Cancels Asset Sale to Huntsman, The Associated Press, December 24, 2009 (AP)
  12. ^ Huntsman To Buy Most Of Tronox, Alexander H. Tullo, Chemical and Engineering News, 2009 9 7
  13. ^ Tronox Appoints Tom Casey CEO, Tronox.com, October 05, 2011
  14. ^ Tronox Announces Closing of Exxaro Mineral Sands Acquisition , Tronox.com, June 15, 2012
  15. ^ "Kerr-McGee - Cimarron". US NRC. 2009 Apr. http://www.nrc.gov/info-finder/decommissioning/complex/kerr-mcgee-cimarron-corporation-former-fuel-fabrication-facility.html. Retrieved 2009 10 1. 
  16. ^ U.S. Environmental Protection Agency (2009 Jul). "NPL Fact Sheet, KERR-MCGEE (SEWAGE TREATMENT PLANT)". http://www.epa.gov/R5Super/npl/illinois/ILD980824031.htm. Retrieved 2009 10 2. 
  17. ^ Remediation of the BMI Complex, State of Nevada Division of Environmental Protection, website accessed 2010 4 13
  18. ^ Final Report: The Fate and Transport of Perchlorate in a Contaminated Site in the Las Vegas Valley, U.S. Environmental Protection Agency, Batista, Amy, Chen, Papelis, and Unz. 1999-2003
  19. ^ UPDATE: Tronox, Anadarko Restart Settlement Talks Trial on Hold, Wall Street Journal, 2012 7 13
  20. ^ http://www.cov.com/files/News/d8810fa7-4215-4288-a394-d4391e88d82b/Presentation/NewsAttachment/a7671130-370a-4036-8ecf-d440999ee8b3/oid47288.pdf Covington Advises Kerr-McGee Spin-off, Tronox Inc., in IPO and Related Debt Financings, 2005 12 9, cov.com, accessed 2010 4 13

External links