Tor Minerals International Inc  (TORM)
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Tor Minerals International Inc

Business Description

TOR Minerals International, Inc. is a global producer of high performance, specialty mineral products focused on product innovation and technical support. Our specialty mineral products, which include flame retardant and smoke suppressant fillers, engineered fillers, and titanium dioxide (“TiO2”) color hybrid pigments, are designed for use in plastics, coatings, paints and catalysts applications, as well as a wide range of other industrial applications.

We were organized as a subsidiary of the Benilite Corporation of America (“Benilite”) in 1973. In 1980, the subsidiary was spun off to its shareholders. In December 1988, the Company became a publicly owned company after completing a public offering of 1.38 million shares of its common stock. Our stock trades on Nasdaq under the ticker symbol TORM.

We are headquartered in Corpus Christi, Texas, United States. This location houses senior management, customer service, logistics, and corporate research and development/technical service laboratories. Our financial and accounting functions also operate from this location. Our principal offices in Corpus Christi are located at 722 Burleson Street, Corpus Christi, Texas 78402, and our telephone number is (361) 883-5591.

Our U.S. manufacturing plant, located in Corpus Christi, Texas, is situated on the north side of the Corpus Christi Ship Channel and has its own dock frontage at the plant. We also utilize the Bulk Terminal, operated by the Port of Corpus Christi Authority (the “Port”), to discharge bulk shipments of barite from cargo vessels directly into trucks for delivery to our plant. The site has its own railhead and easy access to major highways linking it to the rest of the United States and to Mexico. Our products, HITOX®, BARTEX®, HALTEX®, OPTILOAD® and TIOPREM®, are all produced at this location.

We acquired our Asian operation, TOR Minerals Malaysia, Sdn. Bhd. (“TMM”), in 2000. Located in Ipoh, Perak, Malaysia, close to the port of Lumut, TMM produces HITOX and TIOPREM which are sold primarily in Asia and Europe. The sales team and the quality assurance laboratory for Asia are located at the offices in Ipoh.

In 2015, we made a strategic decision to take our Synthetic Rutile (“SR”) production capacity out of service. SR is a precursor material used in the production of HITOX and TIOPREM. We are currently supplementing our existing SR inventory with product produced by alternate sources. By making this strategic move, we have reduced the cost of our SR and reduced our inventory levels during 2016.

In 2001, we acquired our European operation, TOR Processing and Trade, B.V. (“TPT”), situated within reach of the major shipping port of Rotterdam. TPT, located in Hattem, The Netherlands, specializes in the manufacturing of premium alumina products ALUPREM® and BAYRPREM® for use worldwide. Customer applications, quality assurance laboratory and support facilities for Europe are located in Hattem. Our global headquarters in Texas provide customer service and shipping logistics for TPT’s North American customers.

TOR and its subsidiaries operate in the business of mineral product manufacturing in three geographic segments. All U.S. manufacturing is done at the facility located in Corpus Christi, Texas. Foreign manufacturing is done by the Company’s wholly-owned subsidiaries, TMM and TPT. Our products are currently marketed in the United States and in more than 60 other countries. We sell our products through a network of direct sales representatives employed by the Company and independent stocking distributors in the United States, as well as distributors and agents overseas. Our sales representatives sell directly to end-users and provide technical support and market guidance for our independent distribution network.

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