Argex announces purchase agreement with PPG
MONTREAL, June 27, 2013
MONTREAL, June 27, 2013 /PRNewswire/ - Argex Titanium Inc. (TSXV: RGX)
announced today that it has entered into a long-term supply agreement with PPG
Industries Inc. (NYSE: PPG) relating to titanium dioxide (TiO) pigment
suitable for various end-use applications by PPG.
PPG is the world's leading coatings and specialty products company, serving
customers in construction, consumer products, industrial and transportation
markets and aftermarkets. PPG operates in nearly 70 countries around the
world, with sales in 2012 of US$15.2 billion.
The supply agreement and a concurrently executed research services agreement
between PPG and Argex, whereby PPG will provide continued research and
development support to both optimize Argex pigment grade TiO2 for paints and
coatings and combine PPG's coatings technology and expertise with Argex's TiO2
proprietary processing technology, replace the collaboration agreement signed
by the two parties that was announced in April, 2012.
Roy Bonnell, Argex President and Chief Executive Officer, said, "The
agreements with PPG are a significant milestone for our Company. Our
relationship with PPG has greatly assisted with our stated goal to move
towards production. We are very pleased that PPG will be our first customer
for TiO pigment suitable for use in its architectural paint production. We
are also pleased that we will continue our collaboration with PPG to optimize
our product for other various end-use applications."
"These agreements and our ongoing collaboration with Argex are demonstrative
of PPG's stated intent to leverage our expertise to secure an enhanced supply
of critical raw materials," said Charles F. Kahle II, PPG Chief Technology
Officer and Vice President, Research and Development, Coatings.
PPG previously manufactured titanium dioxide using the chloride process at its
former Natrium, W.Va., chemicals plant and sold titanium dioxide pigment for
coatings and other end-use applications. Titanium dioxide is a raw material
widely used in the paint and coatings industry as pigment for its hiding,
durability and whiteness characteristics.
About Argex Titanium Inc.
ARGEX Titanium Inc. is a near-term producer of Titanium Dioxide (TiO).
With a primary goal of advancing rapidly towards production, Argex has adopted
a simple and low-risk strategy for the scale-up of its proprietary process
that allows it to produce high quality TiO pigment directly from
run-of-mine material from a variety of sources. The closed-loop process is
environmentally friendly and produces minimal inert tailings.
The feasibility study for the process is nearing completion.
The Argex R&D Centre and its first industrial sized production module will be
situated in Salaberry-de-Valleyfield, Quebec. The company expects its
industrial plant to be operational in early 2015. The location of the site can
be viewed at Argex Valleyfield.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Argex Titanium Inc.
Roy Bonnell, President and Chief Executive Officer
Argex Titanium Inc.
Argex Titanium Inc.
The Howard Group
Sarah Moreau, Consultant, Financial & Regulatory Affairs
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