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The unification of two huge titanium dioxide producers with a significant focus on the º£½ÇÊÓƵ has created an enlarged company “well-positioned to deliver “ in wide-ranging economic conditions, according to the management.

Tronox’s acquisition of Cristal – a company with the largest plant in Europe on the South Humber Bank – completed earlier this year, and third quarter results have now been published.

The US-headquartered giant posted revenues of $768 million (£599m) for the third quarter 2019, a year-on-year increase of 68 per cent from $456 million (£355m).

Titanium dioxide sales virtually doubled.

Jeffry Quinn, chairman and chief executive, said: “Our third quarter performance clearly demonstrated the inherent stability and resilience of our vertically integrated global footprint in a challenging global macro-economic environment. Since the close of the Cristal transaction, our performance has shown that we are well-positioned to deliver superior value across wide-ranging economic conditions. Our performance was driven by strong execution on the many operating and commercial initiatives that are within our control, such as delivering the synergies, optimising our global operating footprint, taking advantage of our vertical integration, managing overhead and wisely allocating capital.”

Synergies of $45 million (£35m) have already been realised since the merger of the US and Saudi Arabian entities closed, with a further $15 million now identified.

Mr Quinn, who visited the huge Stallingborough plant in July, underlining how it was the backbone of European operations and had become increasingly important after authorities forced the sell-off of Cristal’s US plants to enable the £1.27 billion deal to happen, said: “We benefit from alignment with TiO2 (titanium dioxide) customers that are growing faster than the overall market and our sales are well balanced across the world’s regions. The success of our bespoke win-win margin stability initiative is enhancing the stability of our top line relative to historical industry patterns.  This stability is reflected in our global average TiO2 selling price, which has remained essentially level on a sequential basis across 2019. 

“Our global team is moving forward into 2020 together as one new Tronox.  We are executing very well and generating significant momentum toward creating the world’s leading TiO2 company – an enterprise that displays greater stability in financial performance and cash generation across cycles by utilising our vertical integration and margin stabilising commercial approach.”