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VNTR - Contran Corp: Undervalued Assets Awaiting A Catalyst
Venator Materials PLC
Background
The Contran Corporation includes four publicly traded companies managed by the Harold Simmons estate, including Valhi (VHI), CompX (CIX), National Lead (NL), and Kronos (KRO). The current ownership structure is:
NL holds ~87% of CIX, ~30% of KRO, and ~4% of VHI.
VHI holds ~50% of KRO and ~83% of NL.
KRO owns 1.7m shares of VHI and a nominal interest in CIX and NL
The Simmons family trust holds ~92% of VHI through Contran.
The resulting public float for these companies is about 5%-20% each