US-based Apollo Global Management (New York, New York; www.apolloic.com) has submitted an offer for compatriot titanium dioxide supplier Tronox (Stamford, Connecticut; www.tronox.com), according to a Reuters report, which says the investor is offering USD 27 per share (EUR 22.85). This values the company at USD 4.3 bn for the manufacturer of the additive, an essential component in white window profiles and other products.

Well-known in plastics circles, Apollo – through affiliated funds – is also seeking to enter the PVC business with the purchase of French resin maker Kem One (Lyon; www.kemone.com – see Plasteurope.com of 14.09.2021).

Tronox appears to have already recovered well from the pandemic. Revenue in the second quarter of 2021 climbed 60% to USD 927m versus the same period last year, which was also during the first major wave of Covid-19. Adjusted EBITDA last quarter rose 67% to USD 237m. The company generated almost 80% of its revenues in the TiO2 business.