Dallas, Texas, July 17, 2024 (GLOBE NEWSWIRE) -- Kronos Worldwide, Inc. (NYSE:KRO) made the following announcements today: Acquisition of Remaining Joint Venture Interest in LPC         Effective July 16, 2024, Kronos Worldwide, Inc. ("Kronos") has acquired the 50% joint venture interest in Louisiana Pigment Company, L.P. ("LPC") previously held by Venator Investments, Ltd. Prior to the acquisition, Kronos, through a wholly-owned subsidiary, held a 50% joint venture interest in LPC. Following the acquisition, LPC is an indirect, wholly-owned subsidiary of Kronos. Kronos acquired the 50% joint venture interest that it did not already own for an upfront cash payment of $185 million (subject to working capital adjustments) and a potential earn-out payment of up to $15 million based on Kronos' aggregate consolidated net income before interest expense, income taxes and depreciation and amortization expense, or EBITDA, during a two-year period comprising calendar years 2025 and 2026.         "This acquisition is a one-of-a-kind opportunity for Kronos to add value to our customers and better serve the North American market," said James M. Buch, Kronos Chief Executive Officer. "With full ownership of the LPC facility, Kronos will expand its product offerings and increase sales to new and existing customers while recognizing significant synergies including commercial, overhead and supply chain optimization. By implementing process innovations to increase capacity and improve efficiency using proven technology utilized at other Kronos facilities, we will be better positioned to serve our customers. LPC is the newest chloride-process TiO2 production facility operating in the Western world and we are excited to fully integrate LPC as part of Kronos and to invest in the future of this world class facility." Kronos previously operated LPC as a joint venture with Venator Materials or predecessors of Venator Materials since 1993. LPC is located near Lake Charles, LA with a current estimated annual production capacity of 156,000 metric tons. The acquisition was financed with cash on-hand and borrowings under Kronos' global revolving credit facility. Kronos will report LPC as a wholly-owned subsidiary beginning with its third quarter Form 10-Q filing. Kronos may continue to evaluate and explore additional financing opportunities, subject to market conditions. Amendment to the Revolving Credit Facility In connection with its acquisition of the 50% joint venture interest and to support Kronos' general liquidity needs, Kronos has also completed an amendment to its $225 ...