"These price increases, which are effective from April, are needed to improve comany margins and to justify future investments in our business," said a Millenium Chemicals spokesperson.
Millennium Chemicals, the second-largest producer of TiO2 in the world, is to increase prices by €80 per metric ton (pmt) in Central & South America and €120 pmt in Asia, the Middle East and Africa.
Titanium Dioxide is a natural source pigment, quarry mined and further refined to a fluffy white powder. It is commonly found in cosmetics as a whitening agent and it is used in the formulation of sunscreens due to its capabilites to block UV light.
Titanium Dioxide has an enormous refractive index (ability to bend light), close to that of diamonds.
The natural source pigment adds a bright white colour to lotions, creams, and sunscreens and has a shelf life of 3-5 years.
Through its 29.5 per cent interest in Equistar Chemicals, Millennium Chemicals has become the second-largest producer of ethylene and third-largest producer of polyethylene in North America. The company is also a leading producer of performance polymers, oxygenated chemicals, aromatics and specialty petrochemicals.