OKLAHOMA CITY (AP) — Tronox Inc., which makes white pigment used in paint, said Tuesday it opted not to sell a Uerdingen, Germany, titanium dioxide factory once on the auction block.
The company decided to keep the German plant because ''business and financial market assessments did not accurately reflect the long-term value'' of the facility.
''With the strong European economic conditions, our recent investments in the facility and our strategic plans for the future, we believe the Uerdingen asset will provide better long-term value for our shareholders as part of our portfolio,'' Tom Adams, chairman and chief executive, said in a statement.
In May, Tronox said it had narrowed a list of potential buyers for the plant but gave no further details.
The factory, which can produce up to 107,000 tons of sulfate process pigment a year, accounts for about a sixth of Tronox's entire pigment capacity.