Lured by a $3 million loan from the state Department of Economic and Community Development (DECD), global mineral company Tronox Inc. is reportedly relocating its corporate headquarters from Oklahoma City to a 30,000 square foot space in 1 Stamford Plaza.
The company has pledged to create up to 100 jobs over the next three years with 60 new positions created in the first year. Providing the company creates 100 positions over the next three years, it could be fully forgiven of the $3 million loan, according to a press release from Gov. Dannel Malloy's office.
Altogether the company is making an approximately $10 million investment in the state by relocating its corporate offices. The release does not state how many current employees will be moving to the new office.
Tronox, which produces titanium dioxide pigment and other specialty chemicals used in the manufacture of products such as paints, plastics, paper and batteries, reorganized under Chapter 11 in 2009 and re-emerged in 2011. "Having addressed its substantial legacy environmental and other liabilities through a comprehensive settlement, Tronox is now well-positioned to compete in the titanium dioxide and specialty chemical industries," the company said in a February 2011 statement.
“Now under new leadership, Tronox is quickly overcoming past challenges and is looking to its future in the global minerals industry with great optimism,” said Governor Malloy in the release. “The national economic downturn forced companies to think more strategically, and many are re-evaluating their locations. Businesses are looking around and they are realizing that Connecticut is open for business.”
Tronox is reportedly in the process of acquiring Exxaro Resources’ mineral sands operations in South Africa and Australia. Providing the acquisition gains the usual regulatory approvals, Tronox will become the world’s largest titanium dioxide pigment company.
For more, check out the press release.