WYNYARD, UK, Oct. 10,
2022 /PRNewswire/ -- Venator Materials PLC (NYSE:
VNTR) ("Venator") today announced that its U.S. affiliate has
closed a sale-leaseback transaction for its Color Pigments
manufacturing facility located in Los
Angeles, California, with New Mountain Net Lease ("New
Mountain") for $51.3 million. As part
of the transaction, Venator entered into an agreement to lease the
property from New Mountain for an initial period of 15 years, with
an option to extend the lease for two additional terms of
approximately 10 years each. The annual lease cost will be
$3.4 million in the first year with
an initial corresponding capitalization rate of 6.7%.
Simon Turner, President and CEO
of Venator, commented, "We are pleased to have successfully
completed this transaction. This opportunity to monetize value from
a strong real estate market at an attractive cap rate provides
optionality for our business and bolsters our liquidity."
About Venator
Venator is a global manufacturer and
marketer of chemical products that comprise a broad range of
pigments and additives that bring color and vibrancy to buildings,
protect and extend product life, and reduce energy consumption. We
market our products globally to a diversified group of industrial
customers through two segments: Titanium Dioxide, which consists of
our TiO2 business, and Performance Additives, which
consists of our functional additives, color pigments and timber
treatment businesses. Based in Wynyard, U.K., Venator employs approximately
3,500 associates and sells its products in more than 110
countries.
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Cautionary Statement Concerning Forward-Looking
Statements
Certain statements contained in this press
release constitute "forward-looking statements" within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995. These
forward- looking statements represent Venator's expectations or
beliefs concerning future events, and it is possible that the
expected results described in this press release will not be
achieved. These forward looking statements are subject to risks,
uncertainties and other factors, many of which are outside of
Venator's control, that could cause actual results to differ
materially from the results discussed in the forward looking
statements, including volatile global economic conditions and a
downturn in the worldwide economy due to inflation, geopolitics, or
other factors, changes in raw material and energy prices,
interruptions in raw materials and energy, economic and other
impacts from the military conflict in Ukraine, the impacts and duration of the
global outbreak of the COVID-19 pandemic on the global economy and
all aspects of our business, including our employees, customers,
suppliers, partners, results of operations, financial condition and
liquidity, our ability to maintain sufficient working capital, our
ability to access capital markets on favorable terms, the costs
associated with the closure of our Pori facility and execution of
our business improvement programs and initiatives, our ability to
realize financial and operational benefits from our business
improvement plans and initiatives, industry production capacity and
operating rates, the supply demand balance for our products and
that of competing products, pricing pressures, technological
developments, legal claims by or against us, changes in government
regulations, including increased manufacturing, labeling and waste
disposal regulations and the classification of TiO2 as a
carcinogen in the EU, management of materials resulting from our
manufacturing process, including the ability to develop commercial
markets in the regions that we manufacture and our ability to
dispose of these materials if necessary, the impacts of increasing
climate change regulations, geopolitical events, cyberattacks and
public health crises.
Any forward-looking statement speaks only as of the date on
which it is made, and, except as required by law, Venator does not
undertake any obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise. New factors emerge from time to time, and it is not
possible for Venator to predict all such factors. When considering
these forward-looking statements, you should keep in mind the risk
factors and other cautionary statements in Venator's filings with
the US Securities and Exchange Commission, including Venator's
Annual Reports on Form 20-F for the year ended December 31, 2021 and its Quarterly Report on
Forms 6-K for the quarter ended March 31,
2022 and June 30, 2022. The
risk factors and other factors noted therein could cause its actual
results to differ materially from those contained in any
forward-looking statement.
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SOURCE Venator Materials PLC