Issue Date: June 2, 2008
Tronox Cuts Back
Tronox, the world's third largest producer of the white pigment titanium dioxide, is laying off 68 U.S. workers, about 13% of its U.S. workforce, and suspending its 401k matching-contribution retirement plan as a result of problems in its business. The company, spun off from Kerr-McGee in 2005, blames its difficulties on high production costs, weak demand in the U.S., poor pricing in Europe, and production difficulties at TiO2 plants in Australia and Germany. In addition to the layoffs, CEO Tom W. Adams says, the company will "continue to evaluate all strategic alternatives."
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