Kronos Worldwide Suspends Dividend
Dallas-based Kronos is a producer of titanium dioxide pigments, which are used in range of applications, from paint to sunscreen to food coloring. The pigment is noted for its bright white quality.
Kronos chairman Steven L. Watson said, "The regular quarterly dividend was suspended after considering the challenges and opportunities that exist in the TiO2 pigment industry."
He added, "Due to the current economic and financial conditions, we believe it is prudent to maintain our liquidity and strengthen our balance sheet in order to take advantage of potential opportunities in the chemical markets, including acquisitions of TiO2 pigment manufacturing facilities, if and when such strategic opportunities arise."
Kronos said that the declaration and payment of future dividends will be dependent upon its board's consideration of Kronos Worldwide's results of operations, financial condition, cash requirements, contractual requirements and restrictions, strategic plans and other factors deemed relevant.
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