Kronos buys remaining 50% of LPC for $185M, cuts dividend to $0.05, prelim Q2 EBITDA $49-56M

KRONOS WORLDWIDE INC

Acquired 50% JV interest in LPC for $185M upfront plus up to $15M earn-out based on 2025-2026 EBITDA; financed via $132M revolver draw and cash.
Amended credit facility: maximum increased from $225M to $300M, maturity extended to July 2029, LPC added to borrowing base.
Preliminary Q2 2024 net sales $495-510M (up ~12-15% YoY); EBITDA $49-56M vs $3.6M in Q2 2023; TiO2 sales volumes up 29% YoY.
Board cuts quarterly dividend to $0.05/share (from $0.19), payable Sep 19 to holders of record Sep 6, to strengthen balance sheet.
Expects non-cash charges of ~$10M in Q2 and ~$5M in Q3 from Canada sulfate line closure; full-year 2024 outlook improved.

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