Kronos Worldwide, Inc.: Recovery in TiO2 demand improves earnings from trough
Our credit view of this issuer reflects its good liquidity to support financial flexibility and its geographic diversity, against its highly cyclical TiO2 industry.Kronos Worldwide is a producer and marketer of titanium dioxide pigments (TiO2), a base industrial product used in a range of applications. The company, along with its distributors and agents, sells and provides technical services for customers in countries in Europe, North America and Asia Pacific. The company operates two ilmenite mines in Norway pursuant to a governmental concession with an unlimited term. The company also manufactures and sells iron-based chemicals, which are co-products and processed co-products of the sulfate and chloride process TiO2 pigment production. The company manufactures and sells titanium oxychloride and titanyl sulfate, which are side-stream products from the production of TiO2.
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