A Teesside chemical company has been put up for sale after administrators were called in.

Administrators have been appointed to Venator Materials plc the top, non-trading, holding company in the Venator Group which has a plant works at Greatham and its headquarters at Wynyard.

The group employs 519 people in the UK and a total of 2,249 globally.

Venator specialise in the development and manufacture of titanium dioxide pigments and performance additives for use in everything from food to industrial processes.

Venator, headquartered at Wynyard, is a global manufacturer and marketer of chemical products.

placeholder image — Venator, headquartered at Wynyard, is a global manufacturer and marketer of chemical products.

But the business is said to have been severely impacted by rising costs and increased competition in recent months.

Mark Firmin, joint administrator and managing director at Alvarez & Marsal said: “Venator Group has been severely impacted by increased competition and rising costs in recent months.

"The appointment of administrators now provides a platform for restructuring. We will work closely with the Venator leadership team to progress the sale of the UK businesses and other businesses worldwide.”

Bryan Snell, President and Chief Executive Officer at Venator, added: “I recognise this news may be unsettling for many of our colleagues and I want to personally thank everyone for their professionalism, resilience, and dedication during this time.

"Our priority is to work alongside the administrators and do everything we can to support a successful sale of available entities, securing a sustainable, long-term future for these businesses.”

The business’s main UK trading company, Venator Materials UK Limited, remains trading as normal.

Tees Valley Mayor Ben Houchen said: “My team is involved to see how we can support workers should the worst scenario happen and we make sure we protect those jobs.”