Valhi Inc (NYSE: VHI) is a Dallas, Texas-based holding company that operates through wholly-owned and majority-owned subsidiaries across chemicals and engineered components businesses. Revenue comes from manufacturing and selling titanium dioxide (TiO2) pigment through majority-owned Kronos Worldwide (NYSE: KRO) and engineered security and marine components through majority-owned CompX International (NYSE American: CIX). Contran Corporation, itself controlled by Lisa K. Simmons and a family trust, held approximately 91% of Valhi's outstanding common stock as of December 31, 2025. Valhi's legal predecessor was incorporated in Delaware in 1932, with the current entity formed through a 1987 merger. The Chemicals Segment manufactures TiO2 using both chloride and sulfate processes across facilities in North America and Europe, while the Component Products Segment produced $120.7 million in security products net sales and saw 22% growth in marine components net sales in FY2025. Operations span the United States, Canada, Norway, and Europe, with euro-denominated sales creating currency translation exposure.
- Revenue model
- Valhi generates revenue through transactional product sales across two primary segments: a Chemicals Segment selling TiO2 pigment manufactured by Kronos Worldwide, and a Component Products Segment selling security locks and marine hardware manufactured by CompX International. Both segments sell to industrial and commercial customers on a per-unit basis.
- Products and services
- Kronos Worldwide produces TiO2 pigment using chloride and sulfate manufacturing processes, used in coatings, plastics, paper, ceramics, rubber, food, pharmaceuticals, and cosmetics. CompX manufactures mechanical and electrical cabinet locks, mailbox locks, ignition systems, file cabinet locks, high-security medical cabinetry locks, narcotics access control boxes, and gas station security products. CompX also produces wake enhancement systems, stainless steel exhaust systems, gauges, throttle controls, trim tabs, and marine accessories. Security products net sales were $120.7 million in FY2025, up from $115.2 million in FY2024. Marine components net sales grew 22% in FY2025 versus FY2024.
- Customers and end markets
- CompX's security products serve government security, healthcare, transportation, tool storage, gas station security, postal, office furniture, and institutional furniture markets. Marine components serve towboat OEMs, government, industrial, and center console recreational marine markets. Kronos serves coatings and plastics manufacturers as the two largest TiO2 end markets, with additional customers in paper, ceramics, rubber, food, pharmaceutical, and cosmetics industries.
- Value-chain role
- Valhi operates as a manufacturer and seller at the industrial inputs level. Kronos extracts and processes TiO2 pigment from ore using chloride and sulfate processes, selling intermediate and finished pigment to downstream manufacturers. CompX fabricates engineered lock and marine hardware components from purchased commodity raw materials including zinc, brass, aluminum, and stainless steel, which represented approximately 43% of Component Products Segment cost of sales in FY2025.
- Geographic exposure
- Valhi operates in the United States, Canada, Norway, and Europe. Kronos' North American TiO2 manufacturing includes Canadian facilities, with a portion of Canadian output sold into the U.S. market. Euro-denominated Chemicals Segment sales create translation exposure; a weaker U.S. dollar relative to the euro increased reported net sales by $24 million in FY2025 versus FY2024.
