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Business
Millennium To Close French TiO2 Facility
November 19, 2007
| A version of this story appeared in
Volume 85, Issue 47
Millennium Inorganic Chemicals will close its titanium dioxide plant in Le Havre, France, with the loss of 287 jobs. Millennium bought the plant in 1997 and has invested roughly $130 million in it since then. Despite what the company describes as "considerable efforts of management and employees," the plant has accumulated losses of nearly $230 million. Last year, losses topped $50 million, and a similar result is expected for this year, Millennium says, reflecting a decline in sales prices, increases in production costs, and an excess of TiO2 capacity on the world market.
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