Cathay Industries completed the acquisition of the iron oxide business from Venator for $140m.

Cathay Industries, a manufacturer and supplier of iron oxide pigments, coatings and construction grade iron oxides, completed the acquisition of the iron oxide business from Venator, a global manufacturer and marketer of chemical products, for $140m. "In addition to the recently announced $51m sale-leaseback transaction, we have entered into a definitive agreement to sell our iron oxide business from within our Color Pigments business to Cathay Industries for an enterprise value of $140m. The average EBITDA of this business in 2020 and 2021 proforma adjusted for the impact of the sale-leaseback was $16m. We believe Cathay will be an excellent long-term strategic owner of the business going forward. The transaction is expected to close by the end of the first quarter in 2023," Simon Turner, Venator President and CEO.