In a statement from Venator Materials UK Ltd, the company signed an agreement to sell its Greatham, UK site and associated titanium dioxide (TiO2) pigment assets to LB Group Co., Ltd. Completion of the transaction remains subject to regulatory approvals and several customary closing conditions.

Venator said the Greatham site is transitioning into an idle state due to challenging market conditions that have impacted financial performance. Despite this, LB Group remains committed to acquiring the site with the intention of restarting operations in the future.

“Today’s announcement marks a milestone for Greatham and its future. It reflects LB Group’s confidence in the site’s expertise, operational strength and the value it brings to the TiO2 industry. There is still important work ahead to complete the transaction. We remain fully committed to working closely with LB Group to navigate the next phase and secure a sustainable future for Greatham,” said Karen Askwith, managing director of Venator Materials UK Ltd.

“This agreement reflects LB Group’s strategic commitment to supporting European TiO2 customers and expanding its global footprint. The company values the technical expertise and production capabilities at Greatham and welcomes the opportunity to add new high-performance titanium dioxide products to its global portfolio, and to increase its global competitiveness,” said Ms. Ran Xu, deputy chair of LB Group.

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