NL Industries is a holding company with two core investments. The first is CompX International, which NL owns 87% of and fully consolidates. CompX makes engineered security and marine components. Its Security Products unit manufactures mechanical and electronic cabinet locks and locking mechanisms for mailboxes, file cabinets, medical cabinetry, narcotics storage, and vending machines, among other applications — CompX claims North American market leadership in this segment. Its Marine Components unit makes stainless steel exhaust systems, wake enhancement devices, gauges, and controls for ski/wakeboard and performance boats. CompX sells direct to OEM customers and through distributors; the U.S. Postal Service represents 26% of CompX's sales. NL's second core investment is a 31% stake in Kronos Worldwide, accounted for under the equity method. Kronos is a major global producer of titanium dioxide (TiO2), a white pigment used to provide whiteness and opacity in paints, plastics, paper, inks, cosmetics, and pharmaceuticals. Kronos sells to roughly 3,000 customers across 100 countries, primarily large paint, plastics, and paper manufacturers. Kronos generates roughly 90% of its revenue from TiO2 pigment sales, with the remainder from ilmenite mining, iron-based co-products, and specialty titanium chemicals. NL is a pass-through holding company — its ability to pay dividends depends on dividends received from CompX and Kronos. NL itself sits within a broader corporate family controlled by Contran, which owns roughly 83% of NL via Valhi.