A decision to allow a major Chinese company to buy a bankrupt chemical plant in Teesside has been condemned by an alliance of European and US producers that warn they are facing an existential threat from Chinese industrial subsidies.
The factory owned by Venator Materials UK went into administration last October with the loss of 270 jobs after more than 50 years making titanium dioxide. The industrial whitening agent is used in paints and plastics as well as strategic defence and green energy supply chains.
On Thursday, UK competition authorities cleared the way for a $70mn acquisition by China’s LB Group, formerly Lomon Billions Group, the world’s largest producer of titanium dioxide, following a three-month enquiry.
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