SEPARATION OF PIGMENTS AND ADDITIVES BUSINESS
|12 Months Ended|
Dec. 31, 2016
|SEPARATION OF PIGMENTS AND ADDITIVES BUSINESS|
|SEPARATION OF PIGMENTS AND ADDITIVES BUSINESS||
4. SEPARATION OF PIGMENTS AND ADDITIVES BUSINESS
On October 28, 2016, we filed an initial Form 10 registration statement with the SEC as part of the process to spin off our Pigments and Additives and Textile Effects businesses in a tax-free transaction. On January 17, 2017, we announced that we will retain our Textile Effects business and we amended the Form 10 registration statement. We also announced that the name of the spin-off entity will be Venator Materials Corporation. Venator shares are expected to trade on the New York Stock Exchange under the ticker VNTR after the distribution to our stockholders. The completion of the spin-off is subject to the satisfaction or waiver of a number of conditions, including the registration statement on Form 10 for Venator's common stock being declared effective by the SEC and certain other conditions described in the information statement included in the Form 10. The ongoing process to separate the Pigments and Additives business is proceeding and is targeted for the second quarter 2017. As noted in "Note 1. General—Recent Developments" above, there was fire damage sustained at our titanium dioxide facility in Pori, Finland. The potential impact of this interruption, if any, on the spin date is not yet known.
In connection with this spin-off, we recorded spin-off separation costs of $18 million during 2016, within Corporate and other, including $7 million of accrued employee termination benefit costs and $11 million of other separation costs, of which $8 million was paid during 2016 and $3 million was recorded in accounts payable as of December 31, 2016 in the accompanying consolidated balance sheets.