Valhi is a Dallas-based holding company whose business is dominated by Kronos Worldwide, a global producer of titanium dioxide (TiO2) pigments. TiO2 is a white pigment used to add whiteness, brightness, and opacity to coatings (59% of Kronos' volume), plastics (30%), and paper (8%). Kronos sells to roughly 3,000 customers across 100 countries, with Europe and North America as its two primary markets, through a direct sales force supplemented by agents and distributors. Kronos produces TiO2 across six plants in Germany, Belgium, Norway, Canada, and Louisiana. Because TiO2 is not traded on a commodity exchange, pricing is negotiated bilaterally with customers, making revenue sensitive to supply/demand dynamics in the industry. Key cost inputs include titanium feedstocks, chlorine, and energy; Kronos sources feedstock primarily from Rio Tinto and Iluka Resources, and is vertically integrated in its sulfate process plants through its own ilmenite mine in Norway. Kronos also runs complementary ilmenite mining, iron-based co-product chemicals, and specialty titanium chemicals businesses, which together account for roughly 10% of the Chemicals segment's sales. Valhi's two other businesses are much smaller: CompX International, which makes security products for postal, healthcare, and industrial customers and marine components for recreational boats; and a real estate segment in Henderson, Nevada that is effectively in wind-down after selling the last parcel of its planned community in late 2025. Valhi is controlled by the Simmons family, which holds approximately 91% of outstanding shares through Contran Corporation.