Cristal, a subsidiary of Saudi Arabia’s National Industrialization Company (Tasnee) acquired on Wednesday the titanium dioxide assets of China-based Jiangxi Tikon Titanium Co.
Cristal, which is 66 percent owned by Tasnee, finalized the deal on Wednesday and will bear all costs related to the acquisition, chief executive Saleh Nozha said in a phone interview with CNBC Arabiya.
When asked about the value of the acquisition, Nozha declined to elaborate further.
Although it’s a relatively small company in its sector, Tikon produces 50,000 tons of titanium per year and has excellent production and operational capabilities, he pointed out.
He added that China is a prime location for the company due to the ready availability of raw materials needed for production.
When asked about the company’s future plans, he said Tasnee is not currently eyeing other acquisitions.
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