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By JULIE SCHARPER | February 20, 2009
An international chemical company with operations in the Baltimore area plans to indefinitely halt production and lay off as many as 100 employees from its Hawkins Point plant because of decreased demand, a spokeswoman said yesterday. Millennium Inorganic Chemicals, a division of Cristal Global, will stop producing titanium dioxide at the plant near Key Bridge at the end of March, spokeswoman Amy Drusano said. "Some of our biggest customers are paint makers, and they rely heavily on the automotive and home sales markets," she said.
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BUSINESS
By JULIE SCHARPER | February 20, 2009
An international chemical company with operations in the Baltimore area plans to indefinitely halt production and lay off as many as 100 employees from its Hawkins Point plant because of decreased demand, a spokeswoman said yesterday. Millennium Inorganic Chemicals, a division of Cristal Global, will stop producing titanium dioxide at the plant near Key Bridge at the end of March, spokeswoman Amy Drusano said. "Some of our biggest customers are paint makers, and they rely heavily on the automotive and home sales markets," she said.
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BUSINESS
By Sean Somerville and Sean Somerville,SUN STAFF | August 3, 1996
SCM Chemicals may lay off more than 100 people in Baltimore as part of a plan to cut back production of a chemical used in white paint, paper and plastics, company officials said yesterday.SCM, a Hunt Valley-based subsidiary of Hanson PLC of London, is reducing by a third the capacity of a plant in South Baltimore that uses sulfuric acid to make titanium dioxide.Louis H. Kistner, an SCM spokesman, said the company is just beginning to make the reduction, which could take months.The possibility of retirements and job changes based on seniority mean it's not clear who or how many people will lose their jobs.
BUSINESS
By Allison Connolly and Allison Connolly,SUN REPORTER | February 27, 2007
Three Millennium Chemicals properties here are being sold again, this time to a foreign owner. In all, more than 400 workers in the Baltimore area would be affected. Lyondell Chemical Co. of Houston has signed a deal to sell its Millennium inorganic chemicals business, which includes a titanium dioxide plant in Hawkins Point, offices in Hunt Valley and a research facility in Glen Burnie, to National Titanium Dioxide Co. Ltd. of Saudi Arabia for $1.05 billion in cash. Including some liabilities, the deal is expected to be worth about $1.2 billion and close during the first half of the year, pending regulatory approval.
BUSINESS
By Kim Clark and Kim Clark,Staff Writer | November 11, 1993
An article in Thursday's Business section incorrectly reporte the date for a federal ban on lead in paint. The Consumer Product Safety Commission issued regulations in December 1976 banning all but traces of lead in paint.The Sun regrets the errors.It's the stuff in between the green in your dollar bills. It's the extra kick in whitewall tires.And, if you have a house built after 1972, it's the reason you don't have to worry too much about your children eating paint flakes.It is titanium dioxide -- the nontoxic white coloring agent that has replaced lead in paint -- and Baltimore's SCM Chemicals has been making it here for 60 years.
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | August 1, 2002
Millennium Chemicals Inc. said yesterday that it made a slight profit in the second quarter, thanks to a one-time $3 million gain. The New Jersey-based maker of acetyls and titanium dioxide - a white pigment used in paints and paper - had a net income in the three months that ended June 30 of $1 million, or a penny a share, compared with a loss in the year-ago period of $23 million, or 37 cents a share. Last year's second-quarter loss included a $20 million charge related to the company's September idling of a large portion of its titanium dioxide plant in Baltimore; about 250 workers were laid off. Sales in the quarter were down 3 percent from $419 million to $405 million.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,SUN STAFF | July 27, 2001
New Jersey-based chemical company Millennium Chemicals reported a second-quarter net loss yesterday of $23 million, or 37 cents per share, citing economic weakness, the strength of the U.S. dollar and overcapacity in the industry. Results for the quarter ended June 30 compared with earnings of $48 million, or 75 cents per share, in the second quarter a year earlier. The most recent quarter included a $20 million after-tax charge, or 31 cents per share, related to Millennium's partial closing of a high-cost titanium dioxide plant at Hawkins Point and a 10 percent cut in its work force worldwide.
BUSINESS
By Allison Connolly and Allison Connolly,SUN REPORTER | February 27, 2007
Three Millennium Chemicals properties here are being sold again, this time to a foreign owner. In all, more than 400 workers in the Baltimore area would be affected. Lyondell Chemical Co. of Houston has signed a deal to sell its Millennium inorganic chemicals business, which includes a titanium dioxide plant in Hawkins Point, offices in Hunt Valley and a research facility in Glen Burnie, to National Titanium Dioxide Co. Ltd. of Saudi Arabia for $1.05 billion in cash. Including some liabilities, the deal is expected to be worth about $1.2 billion and close during the first half of the year, pending regulatory approval.
BUSINESS
By Gus G. Sentementes and Gus G. Sentementes,SUN STAFF | October 2, 2001
Millennium Chemicals Inc., which idled a large part of its Hawkins Point operation and announced layoffs of 250 workers in June, warned yesterday that third-quarter losses would be greater than expected because of overcapacity and weak demand in a slumping U.S. economy. The Red Bank, N.J.-based company said its results will be "slightly below the lower end of the range" of analysts' third-quarter expectations. Analysts surveyed by Zacks Investment Research Inc. had expected a loss of 17 cents to 32 cents a share.
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | October 31, 2001
With demand falling for the white pigment used in everything from house paint to U.S. currency, Millennium Chemicals Inc. reported yesterday that it lost $12 million in the third quarter. The loss follows the September idling of part of the company's Hawkins Point titanium dioxide plant in the southern part of Baltimore and the layoff of about 250 employees. The section that was shuttered makes pigment for the paper industry, while the part that remains in operation makes pigment for paints and plastics.
BUSINESS
By Paul Adams and Paul Adams,SUN STAFF | December 2, 2004
Life will not change much for 505 Millennium Chemical Inc. employees in Maryland now that they have become part of competitor Lyondell Chemical Co., the Houston-based company said yesterday. Lyondell completed its $2.7 billion acquisition of Hunt Valley-based Millennium Chemical at the close of business Tuesday, creating the world's fourth-largest chemical producer but eliminating another of Maryland's corporate nameplates. Last month one of the best- known, the Rouse Co., was purchased by a Chicago competitor.
BUSINESS
By Gus G. Sentementes and Gus G. Sentementes,SUN STAFF | July 22, 2003
Millennium Chemicals Inc., a manufacturer of a white pigment used in paints, paper and toothpaste that has been hit hard by the economic downturn, said yesterday that it will move its headquarters to Hunt Valley from New Jersey as part of a shake-up that includes the departure of its chief executive. The company also said its second-quarter loss will be larger than estimated and suspended its dividend to conserve cash "at this challenging time." The global chemical company already has a significant presence in Maryland.
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | August 1, 2002
Millennium Chemicals Inc. said yesterday that it made a slight profit in the second quarter, thanks to a one-time $3 million gain. The New Jersey-based maker of acetyls and titanium dioxide - a white pigment used in paints and paper - had a net income in the three months that ended June 30 of $1 million, or a penny a share, compared with a loss in the year-ago period of $23 million, or 37 cents a share. Last year's second-quarter loss included a $20 million charge related to the company's September idling of a large portion of its titanium dioxide plant in Baltimore; about 250 workers were laid off. Sales in the quarter were down 3 percent from $419 million to $405 million.
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | May 3, 2002
Millennium Chemicals Inc. said yesterday that it lost more than $300 million in the first quarter, partly because of a change in accounting practices. The company, which has a titanium dioxide plant in southern Baltimore, lost $336 million, or $5.29 a share, in the three months that ended March 31, compared with a loss of $15 million, or 24 cents, in last year's first quarter. The recent quarter's loss included a goodwill write-down of $305 million. New rules from the Financial Accounting Standards Board require companies to write off their good will - the premium paid for an acquisition above the value of the tangible assets acquired - all at once, instead of amortizing it over decades.
BUSINESS
By Eileen Ambrose and Eileen Ambrose,SUN STAFF | February 1, 2002
Millennium Chemicals Inc., helped by a one-time income tax adjustment, earned $8 million in the fourth quarter, but posted a loss for the year. On a per-share basis, the Red Bank, N.J., company, which operates a plant in southern Baltimore, earned 13 cents on sales of $334 million in the three months that ended Dec. 31. The company benefited from reserves in prior years that reduced the amount it needed to set aside for taxes in the fourth quarter by...
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | October 31, 2001
With demand falling for the white pigment used in everything from house paint to U.S. currency, Millennium Chemicals Inc. reported yesterday that it lost $12 million in the third quarter. The loss follows the September idling of part of the company's Hawkins Point titanium dioxide plant in the southern part of Baltimore and the layoff of about 250 employees. The section that was shuttered makes pigment for the paper industry, while the part that remains in operation makes pigment for paints and plastics.
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | June 5, 2001
Weak demand and lower prices for its products led Millennium Chemicals Inc. to announce yesterday that its second-quarter earnings will likely fall drastically short of analysts' expectations. The New Jersey company's largest division, which produces titanium dioxide, is headquartered in Hunt Valley with manufacturing operations at Hawkins Point in southern Baltimore. Millennium employs more than 800 people in the state. Titanium dioxide is used in such diverse products as toothpaste, trash bags and the letters on M&Ms.
BUSINESS
By Gus G. Sentementes and Gus G. Sentementes,SUN STAFF | October 2, 2001
Millennium Chemicals Inc., which idled a large part of its Hawkins Point operation and announced layoffs of 250 workers in June, warned yesterday that third-quarter losses would be greater than expected because of overcapacity and weak demand in a slumping U.S. economy. The Red Bank, N.J.-based company said its results will be "slightly below the lower end of the range" of analysts' third-quarter expectations. Analysts surveyed by Zacks Investment Research Inc. had expected a loss of 17 cents to 32 cents a share.
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