VNTR - VNTR STOCK NEWS

Venator Materials PLC (NYSE: VNTR) has finalized the sale of its Iron Oxide business to Cathay Industries for an enterprise value of $140 million. The transaction is expected to yield approximately $130 million in cash proceeds after adjustments. This sale is anticipated to decrease Venator's ABL facility by about $50 million, resulting in a net liquidity enhancement of $80 million. Venator, based in Wynyard, UK, specializes in manufacturing and marketing chemical products, particularly pigments and additives.

Venator Materials PLC (NYSE: VNTR) has submitted its annual report on Form 20-F for the fiscal year ending December 31, 2022, to the U.S. Securities and Exchange Commission. The report details the company's financial performance and is accessible on Venator's investor relations page and the SEC's website. Additionally, shareholders can request hard copies of the audited financial statements at no cost. Venator operates globally, specializing in chemicals that enhance the color and durability of products, employing approximately 3,400 staff across 109 countries.

Venator Materials reported significant financial challenges in its fourth quarter 2022, with revenues of $366 million, a sharp decline of 32% year-over-year. The company faced a net loss of $228 million, contrasting with a net income of $14 million in Q4 2021. Adjusted EBITDA fell to $(57) million, down from $40 million in the same period last year. Additionally, TiO2 sales volumes plummeted by 44%, influenced by weaker product demand and rising raw material costs. In response, Venator has initiated a $50 million cost reduction program and plans to divest its iron oxide business for $140 million, expected to improve liquidity. Challenges in the macroeconomic environment are anticipated to persist into 2023.

Venator Materials PLC (NYSE: VNTR) announced a conference call scheduled for February 21, 2023, at 08:00 a.m. ET to discuss its fourth quarter and full year 2022 financial results. The financial results will be released publicly before the market opens on that date. U.S. participants can call 1-833-366-1118, while international participants can reach 1-412-902-6770. Callers may pre-register to obtain a unique PIN for immediate access. The conference call will also be available via a live webcast on Venator's investor relations website. A replay will be accessible from February 21 to February 28, 2023.

Venator Materials PLC announced difficult fourth quarter 2022 results, marked by a challenging macro environment leading to expected adjusted EBITDA losses of approximately $(57)-(62) million. The company’s estimated liquidity stands at $275 million as of December 31, 2022. In response to these challenges, Venator appointed financial and legal advisors Moelis & Company and Kirkland & Ellis to assist in a strategic review. Two new independent directors, Stefan M. Selig and Jame Donath, were appointed, with Selig replacing Barry Siadat as Chairman of the Board.

J&T MS 1 SICAV, the second-largest shareholder of Venator Materials (NYSE: VNTR) with a 14.3% stake, expresses serious concerns about the Board's lack of strategic direction and communication. In a public letter, J&T criticizes the Board's poor financial performance, including a 96% drop in share price since its 2017 IPO and ongoing negative cash flow. J&T urges for new independent perspectives in the Board as it feels current directors have compromised shareholder interests. The letter indicates a willingness to pursue all avenues to protect shareholders' best interests.

Venator (NYSE: VNTR) announced a partnership with Atos to measure its product carbon footprint, a key step in its sustainability efforts. Utilizing a specialized digital tool developed by BASF, Venator aims to provide carbon footprint data to customers, thus enhancing informed decision-making. This collaboration is part of a broader initiative that includes stakeholder engagement, comprehensive carbon footprint assessments, and alignment with GRI standards. Venator's commitment is underscored by signing the UN Global Compact and employing KPMG for its decarbonization strategy.

Venator Materials PLC reported a net loss of $50 million for Q3 2022, compared to $47 million in the same quarter last year. Adjusted EBITDA fell to $(8) million from $48 million year-over-year. Revenues decreased 9% to $506 million, with a 25% decline in Titanium Dioxide sales volumes. The company is implementing a $50 million cost reduction plan and has agreed to divest its iron oxide business for $140 million. Despite recent liquidity measures, including a sale-leaseback transaction, weak demand persists, especially in Europe and APAC.