01:13 PM EDT, 07/17/2024 (MT Newswires) -- Kronos Worldwide ( KRO ) said Wednesday that it has acquired the remaining 50% joint venture interest in Louisiana Pigment from Venator Investments, making Louisiana Pigment an indirect, wholly-owned subsidiary.

The deal, effective Tuesday, includes an upfront cash payment of $185 million, subject to working capital adjustments, and a potential earn-out payment of up to $15 million based on Kronos' ( KRO ) consolidated EBITDA during 2025 and 2026, Kronos ( KRO ) said.

The company said it lowered its quarterly dividend to $0.05 per share, payable Sept. 19 to shareholders of record Sept. 6.

Kronos ( KRO ) shares dropped more than 10% in recent trading.

Price: 12.24, Change: -1.41, Percent Change: -10.30