Venator Materials plc, the Wynyard-based parent company of a chemical manufacturer, has appointed Alvarez & Marsal as administrators. The move affects the holding company and two other non-trading UK entities, while the main trading company, Venator Materials UK Limited, continues operations across its sites in Greatham, Birtley, and Wynyard.
The administrators will work with the Venator leadership team to manage the sale of UK businesses and explore opportunities for other group entities. The broader group, including operations in the US and France, remains under the oversight of its existing boards.
Venator specialises in titanium dioxide pigments and performance additives. Its UK workforce totals 519 employees, contributing to a global workforce of 2,249. The company has cited rising costs and increased market competition as factors affecting recent performance, prompting the restructuring measures.
Local stakeholders have emphasised the importance of maintaining confidence in the business to support a successful sale and protect jobs, with any potential buyer required to demonstrate commitment to continued operations.
The administration provides a structured process for assessing the future of the UK businesses while maintaining current trading activities and supporting ongoing global operations.
