Venator Announces Fourth Quarter and Full-Year 2018 Results
WYNYARD, UK, Feb. 20, 2019 /PRNewswire/ --
Fourth Quarter 2018 Highlights
-- Net loss attributable to Venator of $69 million, including a
restructuring charge of $55 million and adjusted net income of $19
million
-- Adjusted EBITDA of $45 million
-- Diluted loss per share of $0.65 and adjusted diluted earnings per share
of $0.18
Full-Year 2018 Highlights
-- Net loss attributable to Venator of $163 million, including a
restructuring charge of $628 million, and adjusted net income of $235
million
-- Adjusted EBITDA of $436 million
-- Diluted loss per share of $1.53 and adjusted diluted earnings per share
of $2.20
Strategic Developments
-- Successful completion of actions to deliver the fixed cost reduction
target as part of the 2017 Business Improvement Program
-- Commenced the 2019 Business Improvement Program, which is anticipated to
generate annual run-rate savings of approximately $40 million in 2020
and deliver a $60 million reduction in working capital in 2019
-- Selling prices for specialty TiO2 remain robust and we are progressing
the transfer of our specialty technology from Pori to other sites in our
network
Three months ended Twelve months ended
December 31, September
December 31,
30, 2018
(In millions, except per share amounts) 2018 2017 2018 2017
---
Revenues $
484 $
528 $
533 $
2,265 $
2,209
Net (loss) income attributable to Venator $
(69) $
68 $
(368) $
(163) $
134
Adjusted net income(1) $
19 $
65 $
34 $
235 $
186
Adjusted EBITDA(1) $
45 $
118 $
77 $
436 $
395
Diluted (loss) earnings per share(1) $
(0.65) $
0.64 $
(3.46) $
(1.53) $
1.26
Adjusted diluted earnings per share(1) $
0.18 $
0.61 $
0.32 $
2.20 $
1.74
Net cash (used in) provided by operating activities from continuing
operations $
(24) $
157 $
1 $
282 $
337
Free cash flow(3) $
(79) $
80 $
(103) $
(38) $
212
See end of press release for footnote explanations
Venator Materials PLC ("Venator") (NYSE: VNTR) today reported fourth quarter 2018 results with revenues of $484 million, net loss attributable to Venator of $69 million, including a restructuring charge of $55 million, adjusted net income of $19 million and adjusted EBITDA of $45 million.
Simon Turner, President and CEO of Venator, commented:
"Fourth quarter seasonality was amplified by a softer titanium dioxide environment principally related to customer destocking in China and Europe and higher raw material and energy costs, although the effect of customer destocking decelerated from the third quarter into the fourth. In response to the current economic environment and a reduced TiO2 manufacturing footprint, we have commenced a new comprehensive cost and operational improvement program. These actions are designed to improve profitability, starting with the rationalization of senior leadership and simplification of organizational structure.
"As we aggressively manage costs under the 2019 Business Improvement Program, we remain focused on transferring our specialty TiO2 technology from Pori to other sites within our network which, combined with other cost actions, should strengthen our cash flow generation throughout the cycle. We continue to explore measures within our portfolio to unlock shareholder value.
"Notwithstanding global economic uncertainty, longer-term industry fundamentals remain positive and we believe these actions will better position Venator for the future."
Segment Analysis for 4Q18 Compared to 4Q17
Titanium Dioxide
The Titanium Dioxide segment generated revenue of $366 million in the three months ended December 31, 2018, a decrease of $21 million, or 5%, compared to the same period in 2017. The decrease was primarily due to a 6% decrease in sales volumes and a 1% unfavorable impact of foreign currency translation, partially offset by a 1% increase in average selling prices and a 1% improvement due to mix and other. Sales volumes decreased primarily due to lower demand for functional product grades relating to customer destocking and lower availability of certain specialty grade products. Average selling prices for specialty product grades increased in the quarter.
Adjusted EBITDA for the Titanium Dioxide segment was $52 million, a decrease of $67 million for the three months ended December 31, 2018 compared to the same period in 2017, or a decrease of $34 million after excluding $33 million of lost earnings attributable to our Pori, Finland facility, which were reimbursed through insurance proceeds in the 2017 period. A decline in volumes and higher raw material and energy costs contributed to the decline in earnings, partially offset by a $4 million benefit from our Business Improvement Program.
In the fourth quarter of 2018, the Titanium Dioxide segment incurred a $52 million pre-tax restructuring expense, of which approximately $50 million is non-cash relating to Pori accelerated depreciation and other.
Performance Additives
The Performance Additives segment generated $118 million of revenue in the three months ended December 31, 2018, which is $23 million, or 16%, lower compared to the same period in 2017. The decrease was the result of a 13% decrease in volumes, a 1% decline in average selling prices, a 1% unfavorable impact from foreign currency translation and a 1% decrease due to mix and other. The decline in volumes was primarily the result of customer destocking in Functional Additives, the restructuring of our North American business and the discontinuation of sales of a product to a Timber Treatment customer.
Adjusted EBITDA for the Performance Additives segment was $3 million, a decrease of $12 million for the three months ended December 31, 2018 compared to the same period in 2017, primarily as a result of destocking and higher raw material and energy costs, partially offset by a $1 million benefit from our 2017 Business Improvement Program.
Corporate and Other
Corporate and other represents expenses which are not allocated to our segments. Losses from Corporate and other were $10 million, or $6 million lower for the three months ended December 31, 2018 than the same period in 2017 as a result of non-recurring operational expenses incurred during the fourth quarter of 2017. We expect Corporate and Other to be approximately $50 million for the full year 2019.
Tax Items
We recorded an income tax benefit of $18 million and $8 million for the three and twelve months ended December 31, 2018, respectively, compared to an income tax expense of $24 million and $50 million for the three and twelve months ended December 31, 2017, respectively. Our adjusted effective tax rate was 11% for the twelve months ended December 31, 2018 compared to 18% for the same period in 2017.
Our income taxes are significantly affected by the mix of income and losses in tax jurisdictions in which we operate. We continue to expect our adjusted long-term effective tax rate will be approximately 15% to 20%. We expect our near-term cash tax rate will be between 10% to 15%.
Liquidity and Capital Resources
As of December 31, 2018, we had cash and cash equivalents of $165 million compared with $251 million as of September 30, 2018 and $238 million as of December 31, 2017. In addition, we have in place an undrawn asset based revolving credit facility available for our working capital needs and general corporate purposes with an available borrowing base of $259 million as of December 31, 2018.
As of December 31, 2018, net debt was $583 million compared to $497 million as of September 30, 2018 and $519 million as of December 31, 2017. In the fourth quarter of 2018, capital expenditures, excluding Pori, were $42 million or $114 million for the twelve months ended December 31, 2018. We expect total capital expenditures, including spending related to the transfer of production from Pori to other sites in our network, to be approximately $130 million in 2019. We are taking steps to increase our liquidity to help fund the capital requirements for the Pori transfer and shutdown and other general corporate purposes.
Earnings Conference Call Information
We will hold a conference call to discuss our fourth quarter and full-year 2018 results on Wednesday, February 20, 2019 at 8:00 a.m. ET.
Call-in numbers for the
conference call:
U.S. participants 1-833-366-1118
International participants 1-412-902-6770
(No passcode required)
In order to facilitate the registration process, you may use the following link to pre-register for the conference call. Callers who pre-register will be given a unique PIN and separate call-in number to gain immediate access to the call and bypass the live operator. To pre-register, please go to:
http://dpregister.com/10128193
Webcast Information
The conference call will be available via webcast and can be accessed from the company's website at venatorcorp.com/investor-relations.
Replay Information
The conference call will be available for replay beginning February 20, 2019 and ending February 27, 2019.
Call-in numbers for the replay:
U.S. participants
1-877-344-7529
International participants
1-412-317-0088
Passcode 10128193
Upcoming Conferences
During the first quarter of 2019, a member of management is expected to present at the JP Morgan 2019 Global High Yield & Leveraged Finance Conference on February 26, the Bank of America Merrill Lynch 2019 Global Agriculture and Materials Conference on February 27 and the 9th Annual Alembic Global Advisors Deer Valley Conference on February 28-March 1, 2019. A webcast of the presentations, if applicable, along with accompanying materials will be available at venatorcorp.com/investor-relations.
Table 1 - Results of Operations
Three months ended Twelve months ended
December 31, December 31,
(In millions, except per share amounts) 2018 2017 2018 2017
---
Revenues $
484 $
528 $
2,265 $
2,209
Cost of goods sold 440 387 1,550 1,744
Operating expenses 64 68 218 226
Restructuring, impairment, and plant closing and transition costs 55 3 628 52
Operating (loss) income (75) 70 (131) 187
Interest expense, net (10) (11) (40) (40)
Other income (2) 35 6 39
(Loss) income before income taxes (87) 94 (165) 186
Income tax benefit (expense) 18 (24) 8 (50)
(Loss) income from continuing operations (69) 70 (157) 136
Income from discontinued operations, net of tax 8
Net (loss) income (69) 70 (157) 144
Net income attributable to noncontrolling interests, net of tax (2) (6) (10)
Net (loss) income attributable to Venator $
(69) $
68 $
(163) $
134
Adjusted EBITDA(1) $
45 $
118 $
436 $
395
Adjusted net income(1) $
19 $
65 $
235 $
186
Basic (loss) earnings per share $
(0.65) $
0.64 $
(1.53) $
1.26
Diluted (loss) earnings per share(1) $
(0.65) $
0.64 $
(1.53) $
1.26
Adjusted earnings per share(1) $
0.18 $
0.61 $
2.21 $
1.75
Adjusted diluted earnings per share(1) $
0.18 $
0.61 $
2.20 $
1.74
Ordinary share information(1):
Basic shares outstanding 106.4 106.3 106.4 106.3
Diluted shares 106.5 106.7 106.7 106.7
See end of press release for footnote explanations
Table 2 - Results of Operations by Segment
Three months ended Twelve months ended
December 31, Better / December 31, Better /
(In millions) 2018 2017 (Worse) 2018 2017 (Worse)
---
Segment Revenues:
Titanium Dioxide $
366 $
387 (5)
%
% $
1,666 $
1,604 4
Performance 118 141 (16) 599 605 (1)
Additives
% %
Total $
484 $
528 (8) $
2,265 $
2,209 3
% %
Segment Adjusted
EBITDA(1):
Titanium Dioxide $
52 $
119 (56)
%
% $
417 $
387 8
Performance 3 15 (80) 62 72 (14)
Additives
% %
Corporate and other (10) (16) 38 (43) (64) 33
% %
(62)
%
Total $
45 $
118 % $
436 $
395 10
See end of press release for footnote explanations
Table 3 - Factors Impacting Sales Revenue
Three months ended
December 31, 2018 vs. 2017
Average Selling Price(a)
Local Exchange Sales Mix Sales Total
Currency Rate & Other Volume(b)
---
Titanium Dioxide 1 (1) 1 (6) (5)
%
% % % %
Performance (1) (1) (1) (13) (16)
Additives
% % % % %
Total Company - % (1) % (8) (9)
% % %
Twelve months ended
December 31, 2018 vs. 2017
Average Selling Price(a)
Local Exchange Sales Mix Sales Total
Currency Rate & Other Volume(b)
---
Titanium Dioxide 13 3 1 (13)
% % %
% % 4
Performance 3 2 (2) (4) (1)
Additives %
% % % %
10 3 (11)
% %
Total Company % % % 2
(a) Excludes revenues from tolling
arrangements, by-products and raw
materials
(b) Excludes sales volumes of by-
products and raw materials
Table 4 - Reconciliation of U.S. GAAP to Non-GAAP Measures
EBITDA Income Tax Net Income (Loss) Diluted Earnings
(Expense) (Loss) Per
Benefit(2) Share(1)
Three months Three months Three months Three months
ended ended ended ended
December 31, December 31, December 31, December 31,
(In millions, except per share amounts) 2018 2017 2018 2017 2018 2017 2018 2017
---
Net (loss) income $
(69) $
70 $
(69) $
70 $
(0.65) $
0.66
Net income attributable to noncontrolling interests (2) (2) (0.02)
Net (loss) income attributable to Venator (69) 68 (69) 68 (0.65) 0.64
Interest expense, net 10 11
Income tax (benefit) expense from continuing operations (18) 24 18 (24)
Depreciation and amortization 30 32
Business acquisition and integration expenses 11 3 (1) 11 2 0.10 0.02
Separation expense, net 1 7 1 7 0.01 0.07
U.S. income tax reform (34) 16 (18) (0.17)
Significant changes to income tax valuation allowances(2) (5) (5) (0.05)
Amortization of pension and postretirement actuarial losses 5 4 2 7 4 0.07 0.04
Net plant incident costs 20 (3) 17 0.16
Restructuring, impairment, plant closing and transition costs 55 3 2 (1) 57 2 0.53 0.02
Adjusted(1) $
45 $
118 $
14 $
(10) $
19 $
65 $
0.18 $
0.61
Adjusted income tax (benefit) expense(2) $
(14) $
10
Net income attributable to noncontrolling interests, net of tax 2
Adjusted pre-tax income(1) $
5 $
77
Adjusted effective tax rate (280) 13
% %
EBITDA Income Tax Net Income Diluted Earnings
(Expense) (Loss) (Loss) Per
Benefit(2) Share(1)
Three months Three months Three months Three months
ended ended ended ended
September 30, September 30, September 30, September 30,
(In millions, except per share amounts) 2018 2018 2018 2018
---
Net loss $
(366) $
(366) $
(3.43)
Net income attributable to noncontrolling interests (2) (2) (0.02)
Net loss attributable to Venator (368) (368) (3.45)
Interest expense, net 10
Income tax benefit from continuing operations (55) 55
Depreciation and amortization 33
Business acquisition and integration expenses 5 (1) 4 0.04
Amortization of pension and postretirement actuarial losses 3 (1) 2 0.02
Net plant incident costs 21 (3) 18 0.17
Restructuring, impairment, plant closing and transition costs 428 (50) 378 3.54
Adjusted(1) $
77
$ $
34 $
0.32
Adjusted income tax expense(2)
Net income attributable to noncontrolling interests, net of tax 2
Adjusted pre-tax income(1) 36
Adjusted effective tax rate %
EBITDA Income Tax Net Income (Loss) Diluted Earnings
(Expense) (Loss) Per
Benefit(2) Share(1)
Twelve months Twelve months Twelve months Twelve months
ended ended ended ended
December 31, December 31, December 31, December 31,
(In millions, except per share amounts) 2018 2017 2018 2017 2018 2017 2018 2017
---
Net (loss) income $
(157) $
144 $
(157) $
144 $
(1.47) $
1.35
Net income attributable to noncontrolling interests (6) (10) (6) (10) (0.06) (0.09)
Net (loss) income attributable to Venator (163) 134 (163) 134 (1.53) 1.26
Interest expense, net 40 40
Income tax (benefit) expense from continuing operations (8) 50 8 (50)
Depreciation and amortization 132 127
Business acquisition and integration expenses 20 5 (3) (2) 17 3 0.16 0.03
Separation expense, net 2 7 2 7 0.02 0.07
U.S. income tax reform (34) 16 (18) (0.17)
Significant changes to income tax valuation allowances(2) (5) (5) (0.05)
Net income of discontinued operations (8) (8) (0.07)
Loss on disposition of business/assets 2 2 0.02
Certain legal settlements and related expenses 1 1 0.01
Amortization of pension and postretirement actuarial losses 15 17 15 17 0.14 0.16
Net plant incident (credits) costs (232) 4 47 (1) (185) 3 (1.73) 0.03
Restructuring, impairment, plant closing and transition costs 628 52 (76) (5) 552 47 5.17 0.44
Adjusted(1) $
436 $
395 $
(29) $
(42) $
235 $
186 $
2.20 $
1.74
Adjusted income tax expense(2) $
29 $
42
Net income attributable to noncontrolling interests, net of tax 6 10
Adjusted pre-tax income(1) $
270 $
238
Adjusted effective tax rate 11 18
% %
See end of press release for footnote explanations
Table 5 - Selected Balance Sheet Items
December 31, September 30, December 31,
(In millions) 2018 2018 2017
---
Cash $
165 $
251 $
238
Accounts and notes
receivable, net 351 398 392
Inventories 538 513 454
Prepaid and other
current assets 71 100 85
Property, plant
and equipment,
net 994 1,022 1,367
Other assets 366 308 311
Total assets $
2,485 $
2,592 $
2,847
Accounts payable $
400 $
389 $
401
Other current
liabilities 135 161 244
Current portion of
debt 8 7 14
Long-term debt 740 741 743
Non-current
payable to
affiliates 34 34 34
Other liabilities 313 281 306
Total equity 855 979 1,105
Total liabilities
and equity $
2,485 $
2,592 $
2,847
Table 6 - Outstanding Debt
December 31, September 30, December 31,
(In millions) 2018 2018 2017
---
Debt:
Senior Notes $
370 $
370 $
370
Term Loan Facility 365 365 367
Other debt 13 13 20
Total debt -
excluding
affiliates 748 748 757
Total cash 165 251 238
Net debt -
excluding
affiliates $
583 $
497 $
519
Table 7 - Summarized Statement of Cash Flows
Three months ended Twelve months ended
December 31, December 31,
(In millions) 2018 2017 2018 2017
---
Total cash at beginning of period(a) $
251 $
186 $
238 $
30
Net cash provided by operating
activities(a) (24) 157 282 338
Net cash (used in) provided by investing
activities(a) (55) (84) (321) (12)
Net cash used in financing activities(a) (1) (24) (18) (123)
Effect of exchange rate changes on cash (6) 3 (16) 5
Total cash at end of period(a) $
165 $
238 $
165 $
238
Supplemental cash flow information:
Cash paid for interest $
(5) $
(4) $
(46) $
(28)
Cash paid for income taxes (6) (10) (34) (21)
Capital expenditures (54) (100) (326) (197)
Depreciation and amortization 30 32 132 127
Changes in primary working capital:
Accounts and notes receivable 39 30 25 (24)
Inventories (36) (14) (103) 8
Accounts payable (9) 43 (27) 51
Total cash provided by (used in) primary
working capital $
(6) $
59 $
(105) $
35
Three months ended Twelve months ended
December 31, December 31,
(In millions) 2018 2017 2018 2017
---
Free cash flow(3):
Net cash provided by operating
activities from continuing operations $
(24) $
157 $
282 $
337
Capital expenditures (54) (100) (326) (197)
Cash received from (investment in)
unconsolidated affiliates, net (2) (10) 4 (6)
Other investing activities excluding
transactions with former parent and
cash flows related to sales of
businesses/assets 26 71
Non-recurring separation costs(b) 1 7 2 7
Total free cash flow $
(79) $
80 $
(38) $
212
Adjusted EBITDA $
45 $
118 $
436 $
395
Capital expenditures excluding cash paid
for Pori rebuild (42) (45) (114) (103)
Cash paid for interest (5) (4) (46) (28)
Cash paid for income taxes (6) (10) (34) (21)
Primary working capital change (6) 59 (105) 35
Restructuring (9) (10) (37) (33)
Maintenance & other (17) (23) (78) (2)
Net cash flows associated with Pori (39) (5) (60) (31)
Total free cash flow(3) $
(79) $
80 $
(38) $
212
See end of press release for numbered footnote explanations
(a) Includes discontinued operations
(b) Represents payments associated
with our separation from
Huntsman
Footnotes
(1) Our management uses adjusted EBITDA to assess
financial performance. Adjusted EBITDA is
defined as net income before interest
expense, net, income tax expense from
continuing operations, depreciation and
amortization, and net income attributable to
noncontrolling interests, after eliminating
the following: (a) business acquisition and
integration expenses; (b) separation expense,
net; (c) U.S. income tax reform; (d) net
income of discontinued operations, net of
tax; (e) loss (gain) on disposition of
businesses/assets; (f) certain legal
settlements and related expenses; (g)
amortization of pension and postretirement
actuarial losses; (h) net plant incident
(credits) costs; and (i) restructuring,
impairment and plant closing and transition
costs. We believe that net income is the
performance measure calculated and presented
in accordance with U.S. GAAP that is most
directly comparable to adjusted EBITDA.
We believe adjusted EBITDA is useful to
investors in assessing our ongoing financial
performance and provides improved
comparability between periods through the
exclusion of certain items that management
believes are not indicative of our
operational profitability and that may
obscure underlying business results and
trends. However, this measure should not be
considered in isolation or viewed as a
substitute for net income or other measures
of performance determined in accordance with
U.S. GAAP. Moreover, adjusted EBITDA as used
herein is not necessarily comparable to other
similarly titled measures of other companies
due to potential inconsistencies in the
methods of calculation. Our management
believes this measure is useful to compare
general operating performance from period to
period and to make certain related management
decisions. Adjusted EBITDA is also used by
securities analysts, lenders and others in
their evaluation of different companies
because it excludes certain items that can
vary widely across different industries or
among companies within the same industry. For
example, interest expense can be highly
dependent on a company's capital structure,
debt levels and credit ratings. Therefore,
the impact of interest expense on earnings
can vary significantly among companies. In
addition, the tax positions of companies can
vary because of their differing abilities to
take advantage of tax benefits and because of
the tax policies of the various jurisdictions
in which they operate. As a result, effective
tax rates and tax expense can vary
considerably among companies. Finally,
companies employ productive assets of
different ages and utilize different methods
of acquiring and depreciating such assets.
This can result in considerable variability
in the relative costs of productive assets
and the depreciation and amortization expense
among companies.
Nevertheless, our management recognizes that
there are limitations associated with the use
of adjusted EBITDA in the evaluation of us as
compared to net income. Our management
compensates for the limitations of using
adjusted EBITDA by using this measure to
supplement U.S. GAAP results to provide a
more complete understanding of the factors
and trends affecting the business rather than
U.S. GAAP results alone.
In addition to the limitations noted above,
adjusted EBITDA excludes items that may be
recurring in nature and should not be
disregarded in the evaluation of performance.
However, we believe it is useful to exclude
such items to provide a supplemental analysis
of current results and trends compared to
other periods because certain excluded items
can vary significantly depending on specific
underlying transactions or events, and the
variability of such items may not relate
specifically to ongoing operating results or
trends and certain excluded items, while
potentially recurring in future periods, may
not be indicative of future results. For
example, while EBITDA from discontinued
operations is a recurring item, it is not
indicative of ongoing operating results and
trends or future results.
Adjusted net income is computed by eliminating
the after-tax amounts related to the
following from net income attributable to
Venator Materials PLC ordinary shareholders:
(a) business acquisition and integration
expenses; (b) separation expense, net; (c)
U.S. income tax reform; (d) significant
changes to income tax valuation allowances;
(e) net income of discontinued operations;
(f) loss (gain) on disposition of businesses/
assets; (g) certain legal settlements and
related expenses; (h) amortization of pension
and postretirement actuarial losses; (i) net
plant incident (credits) costs; (j)
restructuring, impairment and plant closing
and transition costs. Basic adjusted net
earnings per share excludes dilution and is
computed by dividing adjusted net income by
the weighted average number of shares
outstanding during the period. Adjusted
diluted net earnings per share reflects all
potential dilutive ordinary shares
outstanding during the period increased by
the number of additional shares that would
have been outstanding as dilutive securities.
For the periods prior to our IPO, the average
number of ordinary shares outstanding used to
calculate basic and diluted adjusted net
income per share was based on the ordinary
shares that were outstanding at the time of
our IPO.
Adjusted net income (loss) and adjusted net
income (loss) per share amounts are presented
solely as supplemental information. These
measures exclude similar non-cash item as
Adjusted EBITDA in order to assist our
investors in comparing our performance from
period to period and as such, bear similar
risks as Adjusted EBITDA as documented in
above. For that reason, adjusted net income
and the related per share amounts, should not
be considered in isolation and should be
considered only to supplement analysis of
U.S. GAAP results.
(2) The income tax impacts, if any, of each
adjusting item represent a ratable allocation
of the total difference between the
unadjusted tax expense and the total adjusted
tax expense, computed without consideration
of any adjusting items using a with and
without approach. We eliminated the effect of
significant changes to income tax valuation
allowances from our presentation of adjusted
net income to allow investors to better
compare our ongoing financial performance
from period to period. We do not adjust for
insignificant changes in tax valuation
allowances because we do not believe it
provides more meaningful information than is
provided under U.S. GAAP.
(3) Management internally uses a free cash flow
measure: (a) to evaluate the Company's
liquidity, (b) to evaluate strategic
investments, (c) to evaluate the Company's
ability to incur and service debt. Free cash
flow is not a defined term under U.S. GAAP,
and it should not be inferred that the entire
free cash flow amount is available for
discretionary expenditures. The Company
defines free cash flow as cash flows provided
by (used in) operating activities from
continuing operations and used in investing
activities. Free cash flow is typically
derived directly from the Company's
consolidated and combined statement of cash
flows; however, it may be adjusted for items
that affect comparability between periods.
Free cash flow is presented as supplemental
information.
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 TiO(2) business, and Performance Additives, which consists of our functional additives, color pigments, timber treatment and water treatment businesses. We operate 24 facilities, employ approximately 4,300 associates worldwide and sell our products in more than 110 countries.
Social Media:
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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 our ability to transfer technology and manufacturing capacity from our Pori, Finland manufacturing facility to other sites in our manufacturing network, the costs associated with such transfer and the closure of our Pori facility, impacts on TiO2 markets and the broader global economy from the imposition of tariffs by the U.S. and other countries, changes in raw material and energy prices, access to capital markets, industry production capacity and operating rates, the supply demand balance for our products and that of competing products, pricing pressures, technological developments, changes in government regulations, and geopolitical events.
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 Annual Report on Form 10 K for the year ended December 31, 2017 filed with the SEC, and in its Quarterly Reports on Form 10 Q and Current Reports on Form 8 K. 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
