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INEOS buys U.S. titanium dioxide business from Tronox for $700 million

A logo is pictured in the headquarters of INEOS chemicals company in Rolle, Switzerland, November 13, 2017. REUTERS/Denis Balibouse

EDINBURGH (Reuters) - British chemicals firm INEOS said on Tuesday it would buy Cristal's North American titanium dioxide business from Tronox for 700 million dollars (528 million pounds).

"This is a great opportunity for INEOS to enter the pigments market and become the second largest producer of titanium dioxide in the key North American market," Jim Ratcliffe, INEOS chairman said in a statement.

(Reporting by Elisabeth O'Leary; editing by Michael Holden)