TRONOX Achieves Stability During Insolvency Process
February 14, 2010
KREFELD, Germany - The titanium dioxide producer TRONOX Pigments GmbH, Uerdingen, Germany, has used the insolvency process, brought on by its March 2009 bankruptcy filing, for a strategic reorientation. According to the administrator of the company, Eberhard Stock, TRONOX will invest millions to gain access to new market segments and customer groups. “We will pay special attention to reinforcing our development efforts in order to optimize the participation in high-tech market segments, said Stock.
The company had filed for bankruptcy in March 2009 and has since continued operating successfully under administration. TRONOX Pigments GmbH, with a turnover of around EUR 120 million in 2009, currently employs around 550 people. A double-digit growth in turnover is expected for 2009.
Stock has succeeded in stabilizing the business in the 10 months since insolvency was filed. The company’s production facility is running at capacity, and 40 additional people were employed to ensure that demand can be met.
Stock intends to sell the business to a suitable investor. However, he indicated that the company has attained enough stability that it can wait until economic conditions improve before selling the business.