Connecticut is staking $3 million to lure an Oklahoma pigment maker's headquarters and 100 jobs – 60 full-time positions in the first year -- to Stamford, the governor says.
Gov. Dannel P. Malloy announced Tuesday the 10-year, forgivable loan at 2 percent interest will aid Tronox Inc. in setting up its global corporate headquarters in approximately 30,000 square feet of office space at 1 Stamford Plaza.
In return, the global mineral company vows to create up to 100 jobs within three years as part of its $10 million capital investment in Connecticut.
If Tronox hits is 60-job target within its first year in Connecticut, the state has agreed to forgive repayment of $2 million of the loan, and will waive repayment of the rest if the 100-job target is met, authorities said.
Tronox is one of the largest global titanium dioxide producers and marketers with operations in the United States, Europe, South Africa, and Australia. Titanium oxide 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.
On May 29, Tronox stockholders approved an agreement to acquire Exxaro Resources' mineral sands operations in South Africa and Australia, creating the world's largest titanium dioxide pigment company.
Despite the headquarters move, Tronox is keeping a presence in Oklahoma City, home of its pigment and electrolytic divisional offices as well as its research and development facility.
Its other U.S. operations are in Mississippi and Nevada, and overseas in the Netherlands.
Tronox Chairman and CEO Tom Casey said his company shopped 10 major metro markets on three continents for its new home, but none offered a more educated workforce, access to transportation and financial services, as well as ideal governmental policies and programs than Connecticut.