VALHI REPORTS FOURTH QUARTER 2011 RESULTS

DALLAS, TEXAS . . March 7, 2012.  Valhi, Inc. (NYSE: VHI) reported net income attributable to Valhi stockholders of $55.6 million, or $.49 per diluted share, in the fourth quarter of 2011 compared to $17.8 million, or $.15 per diluted share, in the fourth quarter of 2010.    For the full year 2011, Valhi reported net income attributable to Valhi stockholders of $217.5 million or $1.91 per diluted share, compared to $50.3 million, or $.42 per diluted share in the full year 2010. The Company reported improved net income attributable to Valhi stockholders primarily due to strong operating results in the Chemicals Segment. A significant portion of the net income attributable to Valhi stockholders in the full year 2010 was due to an income tax benefit recognized during the first quarter of 2010 discussed below.

The Chemicals Segment’s net sales of $437.4 million in the fourth quarter of 2011 were $64.1 million, or 17%, higher than in the fourth quarter of 2010.   Net sales of $1,943.3 million in the full year of 2011 were $493.6 million, or 34%, higher than in the full year 2010.  Net sales increased in the fourth quarter and the full year 2011 primarily due to higher average TiO2 selling prices and the positive impact of fluctuations in currency exchange rates, partially offset by lower sales volumes.  The Chemicals Segment’s average TiO2 selling prices increased 46% in the fourth quarter of 2011 as compared to the fourth quarter of 2010, and increased 40% for the full year as compared to 2010.  The Chemicals Segment’s average TiO2 selling prices at the end of the fourth quarter of 2011 were 11% higher than at the end of the third quarter of the year, continuing the improvement in selling prices that began in the second half of 2009 and continued throughout 2010 and 2011.  Fluctuations in currency exchange rates also impacted net sales, increasing net sales by approximately $4 million in the fourth quarter and approximately $70 million for the full year 2011.  While the amount of inventory available for shipment in 2011 increased due to record production volumes during the year, the Chemicals Segment’s sales volumes were 19% lower in the fourth quarter of 2011 than in the fourth quarter of 2010, and 5% lower in the full year.  The table at the end of this press release shows how each of these items impacted the Chemicals Segment’s overall increase in net sales.

The Chemicals Segment’s operating income for the fourth quarter of 2011 was $145.2 million compared with operating income of $61.9 million in the fourth quarter of 2010.  For the full year the Chemicals Segment’s operating income was $553.0 million compared to $183.2 million in 2010.  The Chemicals Segment’s operating income in 2011 represents a new record for the Chemicals Segment.  Operating income in 2011 increased due to higher TiO2 selling prices and higher production volumes.  These increases were partially offset by higher raw material and maintenance costs.  Operating income comparisons were also impacted by the effects of fluctuations in currency exchange rates, which increased operating income by approximately $4 million in the fourth quarter and nil for the full year.  The Chemicals Segment’s TiO2 production volumes were 5% higher in 2011 as compared to 2010, with operating rates at full capacity throughout 2011.  The Chemicals Segment’s production volumes established a new segment record for an annual production period.

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The following information was filed by Valhi Inc (VHI) on Wednesday, March 7, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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