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In recent years, the merger and reorganization of the international and domestic titanium dioxide industry has been staged. In 2017, Tronox announced a definitive agreement to acquire the Koster Titanium Dioxide business for $1.663 billion in cash. Once the merger is completed, it will create the world's largest and most integrated new leader in the titanium dioxide industry. However, during the imminent completion of the acquisition, it was subject to antitrust review by the US Federal Trade Commission, the European Commission and Saudi Arabian officials.
Recently, in order to obtain approval from the US and EU regulators for the acquisition of Koster's titanium dioxide business, several major titanium dioxide companies in the world are trying to reorganize their assets, which may be the last major integration action in the titanium dioxide industry.
Teno is in the process of two separate transactions, and has signed a memorandum of understanding with Tenova in the United States to sell two sets of titanium dioxide units with a total capacity of 245,000 tons per year in Kost's Ashtabula, Ohio, to Venator ( Ashtebilla is the only production base of Koster in the United States and the world's largest producer of titanium dioxide. In a separate transaction, Teno has signed a definitive agreement to sell its 8120 paper laminate grade titanium dioxide business to Venator, and the acquisition amount has not been disclosed.
If Venator successfully purchases the assets of Ashbilla, then Connors may also participate in the reshuffle of industry assets. If Teno's acquisition of Koster is successful, Connors will be interested in buying a 50% stake in Venator's Chlorine Titanium Dioxide Factory.
If the asset restructuring between several giants is finally reviewed by the regulatory authorities, the oligopoly in the international titanium dioxide market will be further exacerbated!
The domestic titanium dioxide market has also been in constant news in recent years. In October 2016, Yulilian and Sichuan Longyan announced the formal merger, becoming the world's No. 1 and the world's fourth titanium dioxide enterprise. The domestic officially kicked off the industry integration. The top ten domestic production capacity is about 161,000 tons, and the production enterprises are scattered. The 52 titanium dioxide production enterprises in the statistics have an average production capacity of only 73,500 tons. At present, there are 27 enterprises with less than 50,000 tons on the market, and the production capacity is less than 700,000 tons, accounting for 34.6% of domestic production enterprises. Some small-capacity such as Guangxi Jiahua, Xichang Ruikang and Zhongyan strains are driven by environmental protection and other factors. Hua, Yunnan Zechang and other have withdrawn.
Environmental protection and high pressure promote industry integration, domestic environmental protection policies are becoming more and more stringent, and sulfuric acid process manufacturers have to meet increasing environmental protection requirements by changing raw material structure, improving process technology, and strengthening three-waste treatment. If the follow-up environmental protection policy continues to be high-pressure and strictly enforced, SMEs on the margin of loss will be unable to afford and will be forced to withdraw. The domestic titanium dioxide production capacity will be further concentrated, and large enterprises are expected to enjoy the price dividend brought by the oligopoly.
In 2017, the world's total titanium dioxide production capacity is about 7.5 million tons, of which the top six are the capacity of Keguan (formerly DuPont), Venator (formerly Huntsman), Koster, Longyi Lilian, Connors and Teno. The combined capacity of several major manufacturers accounts for nearly 60% of the total global production capacity.