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Tronox to Pay $270 million for Cleanup (Nov 24, 2010)

WASHINGTON (AP) — An Oklahoma company that makes specialty chemicals used in paints and other products has agreed to pay $270 million for cleanup of contaminated sites in 22 states.

Tronox Inc. agreed to the payments as part of a bankruptcy settlement announced Tuesday.

The company will pay the money to states, the federal government and court-approved trusts for future cleanup and administration at sites contaminated by Tronox and its predecessor companies.

Tronox also will transfer to the governments and trusts an 88 percent share of its interest in a pending lawsuit against the company's former parent company, Kerr-McGee Corp., and its parent company Anadarko Petroleum Corp.

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