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Tronox Holdings plc (NYSE: TROX) is a global leader in the mining, production, and marketing of inorganic minerals and chemicals. The company's core business revolves around two vertically integrated divisions: Titanium Dioxide (TiO2) and Alkali Chemicals. The TiO2 division is dedicated to mining and processing titanium ore, zircon, and other minerals, and manufacturing TiO2 pigments. These pigments provide brightness and durability to paints, plastics, paper, and various everyday products. Tronox operates mines and mineral processing plants in South Africa and Australia, along with pigment manufacturing facilities in the USA, the Netherlands, and Australia.
Tronox Alkali is the world's largest producer of natural soda ash, supplying a secure and diverse range of high-quality products. This division processes trona ore to manufacture soda ash, essential in glass production, detergents, chemical manufacturing, pulp and paper production, and water treatment. The company also produces sodium bicarbonate and other chemicals.
Tronox boasts a vertically integrated model, ensuring a reliable supply chain from raw materials to finished products. The company operates titanium-bearing mineral sand mines and beneficiation and smelting operations in Australia and South Africa, which produce feedstock materials that can be processed into TiO2 pigment, high-purity titanium chemicals, including titanium tetrachloride, and ultrafine TiO2 used in specialty applications.
With pigment production facilities in the United States, the Netherlands, and Western Australia, and mining operations in Western Australia and South Africa, Tronox serves customers across North America, the Asia-Pacific, and Europe, the Middle East, and Africa. The company's extensive operations and global footprint enable it to meet the demands of various regions effectively.
Recently, Tronox announced its fourth quarter 2023 earnings, revealing substantial growth and a strong financial position. The company generated $686 million in revenue for the quarter, marking a 6% increase from the previous year. Despite some operational challenges, Tronox has maintained its commitment to innovation and sustainability. The company is nearing the conversion of 40% of its power in South Africa to solar energy, significantly reducing its global carbon emissions.
Tronox's financial stability is evident with $2.8 billion in total debt and available liquidity of $761 million as of December 31, 2023. The company continues to focus on its operational efficiency, cost management, and strategic initiatives to drive long-term growth and profitability.
For more information about how Tronox's products add brightness and durability to various applications, visit tronox.com.
Tronox Holdings plc (NYSE: TROX) has priced its upsized offering of $1,075 million in 4.625% Senior Notes due 2029, aimed at qualified institutional buyers and non-U.S. persons. The offering's closing is expected around March 15, 2021. Proceeds will finance the redemption of $615 million of 6.500% senior notes due 2026 and $450 million of 5.750% senior notes due 2025. The Notes will remain unregistered under the Securities Act, limiting their sale in the U.S. This move reflects Tronox's strategy to manage its debt effectively.
Tronox Holdings plc (NYSE: TROX) announced the intention of its wholly owned subsidiary, Tronox Incorporated, to offer $625 million in senior notes due 2029. The proceeds will be utilized to redeem existing 6.500% senior notes due 2026. The offering is targeted at qualified institutional buyers under Rule 144A and non-U.S. persons outside the United States. The notes will not be registered under the Securities Act, implying restrictions on their sale within the U.S.
Tronox Holdings plc (NYSE:TROX) announced an upsized underwritten registered offering of 19,108,970 ordinary shares at $18.25 each, led by Exxaro Resources Limited, which retains all net proceeds. Additionally, there is a 30-day option for underwriters to purchase 2,866,345 more shares. The offering is set to close on March 1, 2021, pending customary conditions. J.P. Morgan, BofA Securities, Deutsche Bank Securities, and Morgan Stanley are the joint bookrunning managers. The shares are offered under an effective shelf registration statement with the SEC.
Tronox Holdings plc (NYSE:TROX) has declared a quarterly dividend of $0.08 per share, payable on March 19, 2021 to shareholders on record as of March 8, 2021. This dividend reflects the company's commitment to returning value to its shareholders. Tronox is a leading integrated manufacturer of titanium dioxide pigment and operates globally with nearly 7,000 employees. The company focuses on producing high-quality titanium products and minerals, positioning itself as a premier player in the industry.
Tronox Holdings plc (NYSE: TROX) announced that Exxaro Resources Limited plans to sell 17 million shares of the Company's ordinary shares in an underwritten secondary offering. The offering is part of a call option transaction where Tronox will issue 7,246,035 new shares to Exxaro in exchange for its 26% stake in South African subsidiaries holding key mining licenses. The offering also includes an option for underwriters to purchase an additional 2.55 million shares. All proceeds from the offering will go to Exxaro, with no shares being sold by Tronox.
Tronox reported a strong Q4 2020 with revenue of $783 million, up 13% YoY. Adjusted EBITDA reached $204 million, reflecting a 31% increase. TiO2 sales grew 8% driven by global demand, while Zircon volumes soared 48%. For FY 2020, revenue totaled $2,758 million, a 4% rise, with net income of $969 million.
Looking ahead, Tronox forecasts Q1 2021 TiO2 volumes to jump 11-15% sequentially. Additionally, a 14% dividend hike to $0.32 per share is announced, enhancing shareholder returns.
Tronox Holdings plc (NYSE: TROX) will release its fourth quarter 2020 earnings on February 17, 2021, after market close. A webcast conference call is scheduled for February 18, 2021, at 8:00 a.m. ET. Interested parties can access the conference call via internet at investor.tronox.com or by dialing 1-866-270-1533 for the U.S. and 1-412-317-0797 internationally. A replay will be available from February 18, 2021, 1:00 p.m. ET until February 23, 2021, 5:00 p.m. ET.
Tronox Holdings released preliminary financial results for Q4 2020, projecting $783 million in revenue and $200-$204 million in Adjusted EBITDA. The company terminated its acquisition of the TiZir Titanium and Iron business due to regulatory hurdles, resulting in a $18 million break fee. To strengthen its balance sheet, Tronox plans a $300 million discretionary debt repayment, totaling $500 million in recent repayments. An annualized dividend increase from $0.28 to $0.32 reflects management's confidence in ongoing market recovery.
Tronox Holdings plc (NYSE:TROX) announced that the British Competition and Markets Authority intends to conduct a Phase 2 investigation into its acquisition of TiZir Titanium and Iron from Eramet S.A. The decision follows an earlier May 2020 announcement regarding the acquisition. Tronox may propose remedies to the CMA during the investigation process. The transaction does not require notification in the UK or meet the premerger reporting thresholds in the U.S. The company is cooperating with investigations by both CMA and the Federal Trade Commission.
Tronox Holdings plc (NYSE:TROX) announced the appointment of John D. Romano and Jean-François Turgeon as co-CEOs on an interim basis, following the leave of absence of Jeffry N. Quinn due to his involvement in a securities complaint. Romano and Turgeon, who have extensive experience in the titanium dioxide industry, will ensure company stability and continued execution of Tronox's long-term strategies. The Board emphasizes that this leadership change is in the best interest of Tronox and its stakeholders.
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