Tronox Invests $10 Million To Establish Headquarters in Stamford, Connecticut, Creating 100 Jobs
"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 Gov. Dannel Malloy. "The national economic downturn forced companies to think more strategically, and many are reevaluating their locations. Businesses are looking around and they are realizing that Connecticut is open for business."
Tronox is one of the largest global titanium dioxide producers, with operations in the United States, Europe, South Africa, and Australia. TiO2 pigment is used to whiten and brighten pigments in a broad range of residential and commercial products, such as paint, plastics, paper, inks, food and cosmetics.
As part of a package of incentives offered by the state, financial assistance is being provided through the state's Department of Economic and Community Development. Tronox will receive a 10-year loan of $3 million at an interest rate of 2 percent. In addition, the company may be eligible for benefits through the Job Expansion Tax Credit and Enterprise Zone programs. Funding will be used for office fit-out, the purchase of office equipment, IT equipment and job training needs.
Under terms of the incentive package, by creating 60 full-time Connecticut-based jobs within the first year of operation, $2 million of the principal portion of Tronox's loan will be forgiven. The company also has the potential for full forgiveness of the loan if 100 jobs are created and retained within 3 years.
As part of its growth, Tronox has moved its headquarters from Oklahoma City to Stamford where it will lease and fit out approximately 30,000 square feet of office space at 1 Stamford Plaza, Governor Malloy's office said. The company plans to maintain a presence in Oklahoma City, including its pigment and electrolytic divisional offices as well as its research and development facility.
"Establishing our international headquarters in Stamford marks an important milestone for Tronox," said Tom Casey, Chairman and Chief Executive Officer of Tronox Incorporated. "I thank Governor Malloy and the people of Stamford for their support, and we look forward to being an active part of our new community.
"As we evaluated the best place to locate the new headquarters for this global enterprise, Connecticut's people, location, access to transportation and financial services, as well as Governor Malloy's governmental policies and programs, made it clear that Connecticut was the best place for Tronox to continue and enhance its strong growth," Casey said.
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