Document:

Exhibit 10.26

                    RAW MATERIAL PURCHASE AND SALE AGREEMENT

     This  Agreement is made as of January 1, 2004 between each entity listed as
a "Seller" on Schedule 1 attached hereto (each a "Seller" and  collectively  the
"Sellers")  and each  entity  listed  as a  "Purchaser"  on  Schedule  2 (each a
"Purchaser" and collectively the "Purchasers").

                                    RECITALS

     Purchaser is engaged in the manufacture and sale of titanium  dioxide,  and
Purchaser's   operations   require  the  supply  of  raw  materials,   including
titanium-bearing feedstock (the "Products").

     Seller has entered into contracts with third parties for the acquisition of
Products.

     Purchaser desires to purchase  Products from Seller,  and Seller desires to
sell such Products to Purchaser, pursuant to the terms and conditions hereof.

     NOW,  THEREFORE,  in consideration of the mutual covenants contained herein
and other good and valuable consideration the parties hereto agree as follows:

Section 1.  Purchase  and Sale.  Seller  hereby  agrees sell to  Purchaser,  and
     Purchaser hereby agrees to purchase from Seller,  the Products set forth on
     Schedule 3 under the terms and conditions of this Agreement.

Section 2. Purchasing Services.

     2.1. Purchasing  Services.  Seller will provide the  following  services to
          Purchaser:

          (a)  Upon receipt from  Purchaser of an order  containing the standard
               specifications  listed on Schedule 4 attached hereto, Seller will
               purchase  the  Products  from  a  third-party   supplier  in  the
               quantities  set  forth  in  such  standard  specifications.  Upon
               Purchaser's  request,  Seller will make available to Purchaser at
               Seller's  offices,  copies of all  purchase  orders  submitted to
               suppliers for Purchaser's review and copying.

          (b)  Seller is responsible for all payments to suppliers  arising from
               the purchase of Products,  including  transportation  and related
               costs, customs, duties and local and other applicable taxes.

          (c)  Seller is responsible  for all  administrative  costs  associated
               with the performance of this Agreement,  including  personnel and
               overhead costs.

          (d)  Seller  shall  process  all  freight  or  other  claims  for  the
               replacement  of lost or  damaged  Products  with the  responsible
               parties.

          (e)  Seller  shall use  reasonable  efforts to ensure  good and timely
               performance and delivery from each supplier. In addition,  Seller
               will   inform   Purchaser   on   shipping   delays   or   Product
               unavailability  and use its  reasonable  good  faith  efforts  to
               acquire Product from alternate sources. Seller is responsible for
               obtaining  corrective  action  from the  supplier  and  providing
               recommendations  to Purchaser on a suggested  course of action to
               remedy problems in the supply of Products.

Section 3. Purchaser's Rights and Obligations.

     3.1. Product Purchases.

          (a)  Purchaser shall deliver to Seller a purchase order (the "Purchase
               Order") for  Products to be  purchased  according to the standard
               specifications.

          (b)  Purchaser  shall have the right to inspect  and test all  Product
               purchases   and  to  reject   any  or  all   Products   that  are
               non-conforming in Purchaser's reasonable judgment.

          (c)  Purchaser  shall be required to accept delivery of all conforming
               Products  supplied by Seller pursuant to a Purchase Order and the
               standard specifications.

          (d)  Purchaser  shall be  responsible  for all  payments due to Seller
               hereunder for Products supplied pursuant hereto.

          (e)  Purchaser  shall  be  responsible  for  all   transportation  and
               delivery costs for Products purchased.

Section 4. Compensation and Reimbursable Expenses.

     4.1. Seller's Fee. Purchaser shall pay to Seller for its services hereunder
          the fee (the "Fee") set forth on Schedule 5 attached hereto.

     4.2. Payment.  Seller shall invoice  Purchaser  for all Products  purchased
          hereunder.  The Fee shall be due and  payable net 15 days from the end
          of the month in which the  Products are  purchased  by Purchaser  from
          Seller.  Purchaser may offset amounts due to Seller through the Kronos
          netting system.

Section 5. Delivery.  All sales of Products to Purchaser and passage of title to
     such Products shall take place upon delivery of the Products at Purchaser's
     dock.

Section 6.  Term.  The term of this  Agreement  shall  begin  on the date  first
     written above (the  "Effective  Date") and shall continue in full force and
     effect for one year from the Effective Date,  subject to automatic  renewal
     for a consecutive one year term, unless terminated pursuant to the terms of
     this Agreement.

Section 7. Termination.

     7.1. Without Cause. Either Purchaser or Seller may terminate this Agreement
          at any time by giving written notice of termination, via Registered or
          Certified Mail, to the other party at least one  hundred-eighty  (180)
          days prior to the effective date of termination. This Agreement may be
          terminated for any reason or no reason and with or without cause.

     7.2. For Cause.  This  Agreement  may be  terminated  if either party shall
          violate a material term of this Agreement and fail to discontinue  the
          violation or to cure the  violation  within thirty (30) days after the
          receipt of written notice of the violation.

Section 8. Product  Warranties.  Seller warrants that at the time of delivery to
     Purchaser,  the  Products  shall  conform in all  material  respects to the
     specifications for such Products set forth in the standard  specifications.
     Seller further  warrants that it will convey to Purchaser good title to the
     Products  free from any lawful  encumbrance.  Seller  MAKES NO  WARRANTY OF
     MERCHANTABILITY  OR FITNESS FOR A  PARTICULAR  USE,  NOR IS THERE ANY OTHER
     EXPRESS OR IMPLIED WARRANTY.

Section 9. Returns and Adjustments. In the event of a breach of the warranty set
     forth herein, Seller shall replace the non-conforming Products, at its cost
     and expense, with conforming Products.

Section 10. Limitation of Liability. In no event shall either party be liable to
     the other for any type of indirect, special,  consequential,  exemplary, or
     punitive damages, including but not limited to loss of profit or revenue or
     loss of operating time or production.

Section 11. General Provisions.

     11.1.Force  Majeure.  In the  event  of war,  fire,  flood,  strike,  labor
          trouble, breakage, or failure of performance of equipment, or shortage
          or inadequacy of raw materials, supplies or equipment, accident, riot,
          act  of  governmental  authority,   acts  of  God,  or  other  similar
          contingencies beyond the reasonable control of Seller interfering with
          Seller's  supply or  transportation  of  Products,  or in the event of
          inability to obtain, on terms deemed by Seller to be practicable,  any
          raw material  (including  energy  source) used in connection  with the
          production  of Products,  quantities  so affected  shall be eliminated
          from quantities ordered without any liability of Seller, but the terms
          shall otherwise  remain  unaffected.  Seller may, during any period of
          shortage,  due to  any of the  causes  indicated  in  this  paragraph,
          allocate its available  supply of Products among any or all Purchasers
          on such basis as Seller, in its reasonable  discretion,  may deem fair
          and practical.

     11.2.Assignments;  Amendment.  This  Agreement  shall  not be  assigned  by
          Seller  in whole or in part  without  the  prior  written  consent  of
          Purchaser.  This  Agreement  may be  amended at any time by the mutual
          consent of both parties.

     11.3.Entirety.   All   Schedules   and  Exhibits  to  this   Agreement  are
          incorporated  by  reference  herein  and  shall  form a part  of  this
          Agreement  as  though   expressly  set  forth  herein.   There  is  no
          understanding,  representation,  or warranty of any kind  expressed or
          implied, not expressly set forth in this Agreement. No modification of
          this  Agreement  shall be of any  force or effect  unless  in  writing
          signed by the party to be bound.

     11.4.Notices.   Any  notice,   request,   demand,   instruction   or  other
          communication  to be  given to  either  party  hereunder,  shall be in
          writing,  and shall be deemed to be  delivered  (a) upon  receipt,  if
          delivered by facsimile,  or electronic  mail, (b) upon receipt if hand
          delivered,  (c) on the first  business day after having been delivered
          to a national  overnight air courier  service,  or (d) three  business
          days after  deposit in registered or certified  mail,  return  receipt
          requested.

     IN WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of
the year and date first above written.

PURCHASER:

KRONOS TITAN GmbH

By:/s/ Volker Roth                      By:/s/ Ufert Fiand
-----------------------------           -------------------------------

Name: Volker Roth                       Name: Ufert Fiand
-----------------------------           -------------------------------

Title:                                  Title:
-----------------------------           -------------------------------

KRONOS EUROPE S.A./N.V.

By:/s/ Erik van der Auwera              By:/s/ Henry Basson
-----------------------------           -------------------------------

Name: Erik van der Auwera               Name: Henry Basson
-----------------------------           -------------------------------

Title:                                  Title:
-----------------------------           -------------------------------

KRONOS CANADA, INC.

By:/s/ Antoine Doan
-----------------------------

Name: Antoine Doan
-----------------------------

Title:
-----------------------------

SELLER:

KRONOS (US), INC.

By:/s/ Gregory M. Swalwell
-----------------------------

Name: Gregory M. Swalwell
-----------------------------

Title:Vice President Finance; Chief FInancial OFficer
------------------------------------------------------

                                   SCHEDULE 1
                                     SELLER

The following entities are each a "Seller" under the Agreement

1.   Kronos (US), Inc.

                                   SCHEDULE 2
                                    PURCHASER

     The following entities are each a "Purchaser" under the Agreement

1.   Kronos Titan GmbH
2.   Kronos Europe S.A./N.V.
3.   Kronos Canada, Inc.

                                   SCHEDULE 3
                                    PRODUCTS

     Each Seller shall procure the following Products listed below its name:

1.   Kronos (US), Inc.
     a.   Titanium-bearing Rutile
     b.   Titanium-bearing Slag

                                   SCHEDULE 4
                             STANDARD SPECIFICATIONS

     Orders  placed by  Purchaser  with Seller for  Products  shall  contain the
following information:

1.   Product type

2.   Product specifications

3.   Quantity

4.   Delivery date

                                   SCHEDULE 5
                                      PRICE

     Seller's  Fee for Products  purchased by Purchaser  shall be the sum of the
following:

1.   Seller's cost for the Products

2.   All  freight,  customs,  duties and taxes  arising from the purchase of the
     Products plus a service fee of 2.5% of the sum of 1 and 2 above.Exhibit 10.27

                                 PROMISSORY NOTE

euro 65,000,000.00               October 12, 2004                  Dallas, Texas

     FOR VALUE RECEIVED,  the undersigned,  Kronos  Worldwide,  Inc., a Delaware
corporation,   unconditionally   promises   to  pay  to  the   order  of  Kronos
International, Inc., a corporation duly organized under the laws of the state of
Delaware  in the  United  States of  America,  with its seat of  management  and
principal  place of business in Germany,  at its address  Peschstrasse  5, 51373
Leverkusen,  Germany and  offices in Dallas,  Texas at 5430 LBJ  Freeway,  Suite
1700,  Dallas,  Texas  75240-2697,  in lawful money of the European  Union,  the
principal  sum of SIXTY FIVE MILLION and  NO/100ths  EUROS (euro  65,000,000.00)
together  with  interest  from the  date of this  Note on the  unpaid  principal
balance from time to time pursuant to the terms of this Note. This Note shall be
unsecured  and will bear  interest  on the  terms set forth in  Section 4 below.
Capitalized  terms not otherwise  defined shall have the meanings  given to such
terms in Section 14 of this Note.

     Section 1. Place of Payment.  All payments will be made at Payee's  address
at Peschstrasse 5, 51373 Leverkusen,  Germany,  or such other place as the Payee
may from time to time  designate in writing,  in  immediately  available  funds,
without setoff or counterclaim.

     Section 2. Payment.  The principal  balance of this Note and any unpaid and
accrued  interest  thereon shall be due and payable on the Maturity Date or upon
acceleration  as provided  herein.  Prior to the Maturity Date or  acceleration,
unpaid and accrued  interest on the outstanding  principal  balance of this Note
shall be due and  payable  quarterly  on March  31,  June 30,  September  30 and
December 31 of each year;  provided,  however,  that such day is a business day,
and if such day is not a business day, the quarterly  interest  payment shall be
due the next successive business day.

     Section 3.  Prepayment.  This Note may be prepaid in part or in full at any
time without penalty; provided,  however,  prepayments shall be first applied to
accrued and unpaid interest and then to principal.

     Section 4. Interest. The unpaid balance of this Note (exclusive of any past
due  principal)  shall bear  interest  at an annual rate of nine and one quarter
percent  (9.25%).  Ten business days after the Maturity Date or  acceleration as
provided in this Note,  all past due  principal and past due interest owed under
this Note will bear interest at an annual rate of twelve percent (12%).  Accrued
interest on the unpaid  principal of this Note shall be computed on the basis of
a 365 or 366-day year, as the case may be, for actual days elapsed. In no event,
however,  shall such  computation  result in an amount of accrued  interest that
would exceed accrued  interest on the unpaid  principal  balance during the same
period at the Maximum Rate.  Notwithstanding anything to the contrary, this Note
is expressly  limited so that in no  contingency or event  whatsoever  shall the
amount paid or agreed to be paid to the Payee exceed the Maximum Rate.  If, from
any circumstances whatsoever, the Payee shall ever receive as interest an amount
that would exceed the Maximum Rate, such amount received that would be in excess
of the Maximum Rate shall be applied to the  reduction  of the unpaid  principal
balance and not to the payment of interest,  and if the principal amount of this
Note is paid in full, any remaining  excess shall be paid to Maker,  and in such
event, the Payee shall not be subject to any penalties  provided by any laws for
contracting for, charging,  taking, reserving or receiving interest in excess of
the highest lawful rate permissible under applicable law.

     Section 5. Remedy.  Upon the occurrence and during the  continuation  of an
Event of Default,  Payee may, at its option, declare the entire unpaid principal
of this Note,  and all accrued  interest and other  amounts  payable  hereunder,
immediately due and payable without presentment, demand, protest or other notice
of any  kind,  all of which  are  expressly  waived  by  Maker,  and  upon  such
declaration, such amounts shall become and shall be immediately due and payable.
The Payee shall have all of the rights and remedies  provided in the  applicable
Uniform Commercial Code or in this Note or any other agreement between Maker and
in favor of the Payee,  as well as those  rights and  remedies  provided  by any
other  applicable law, rule or regulation.  All rights and remedies of the Payee
are cumulative and may be exercised singly or concurrently.  The exercise of any
right or remedy  will not be a waiver of any other  right or remedy.  Failure to
exercise any right or remedy upon the  occurrence  of an Event of Default  shall
not  constitute a waiver of the right to exercise  such right or remedy upon the
occurrence of a subsequent Event of Default.

     Section  6.  Right of  Offset.  The  Payee  shall  have the right of offset
against  amounts  that may be due by the  Payee  now or in the  future  to Maker
against amounts due under this Note.

     Section 7.  Record of  Outstanding  Principal.  The date and amount of each
repayment of principal outstanding under this Note shall be recorded by Payee in
its records.  The aggregate unpaid principal  balance so recorded by Payee shall
be the best evidence of the principal  balance owing and unpaid under this Note;
provided that the failure of Payee to so record any such balance or any error in
so  recording  any  such  balance  shall  not  limit  or  otherwise  affect  the
obligations of Maker under this Note to repay the principal balance  outstanding
and all accrued or accruing interest.

     Section 8. Waiver. Maker and each surety,  endorser,  guarantor,  and other
party now or  subsequently  liable for  payment of this  Note,  severally  waive
demand, presentment for payment, notice of dishonor, protest, notice of protest,
diligence in  collecting or bringing suit against any party liable on this Note,
and further agree to any and all extensions,  renewals,  modifications,  partial
payments,  substitutions of evidence of indebtedness,  and the taking or release
of any collateral with or without notice before or after demand by the Payee for
payment under this Note.

     Section 9. Costs and  Attorneys'  Fees. In the event the Payee incurs costs
in collecting on this Note, this Note is placed in the hands of any attorney for
collection,  suit is filed on this Note or if proceedings are had in bankruptcy,
receivership,  reorganization,  or other legal or judicial  proceedings  for the
collection, Maker and any guarantor jointly and severally agree to pay on demand
to the Payee all expenses and costs of  collection,  including,  but not limited
to,  attorneys' fees incurred in connection with any such  collection,  suit, or
proceeding, in addition to the principal and interest then due.

     Section 10. Time of Essence.  Time is of the essence with respect to all of
Maker's obligations and agreements under this Note.

     Section 11.  Applicable  Law,  Jurisdiction  and Venue.  This Note shall be
governed by and construed in  accordance  with the domestic laws of the state of
Delaware,  without  giving  effect  to any  choice  of law  or  conflict  of law
provision or rule  (whether of the state of Delaware or any other  jurisdiction)
that would cause the application of the laws of any jurisdiction  other than the
state of  Delaware.  Maker  consents  to  jurisdiction  and venue in the  courts
located in Dallas, Texas.

     Section  12.  Notice.  Any notice or demand  required by this Note shall be
deemed to have been given and  received on the earlier of (i) when the notice or
demand is actually  received by the  recipient or (ii) 72 hours after the notice
is deposited in the mail,  certified or registered,  with postage  prepaid,  and
addressed to the  recipient.  The address for giving notice or demand under this
Note (i) to the Payee  shall be the place of payment  specified  in Section 1 or
such  other  place as the Payee may  specify in writing to the Maker and (ii) to
the Maker shall be the address  below the Maker's  signature or such other place
as the Maker may specify in writing to the Payee.

     Section 13.  Successors  and Assigns.  All of the  covenants,  obligations,
promises  and  agreements  contained in this Note made by Maker shall be binding
upon its successors and assigns;  notwithstanding the foregoing, Maker shall not
assign this Note or its  performance  under this Note without the prior  written
consent of the Payee.

     Section 14.  Definitions.  For purposes of this Note,  the following  terms
shall have the following meanings:

(a)  "Event  of  Default"  shall  mean the  failure  by Maker to make when due a
     punctual  payment of principal  of, or interest on, this Note within thirty
     (30) days  following  the date  such  amount  becomes  due and  payable  in
     accordance with the terms of this Note.

(b)  "Maker" shall mean Kronos Worldwide, Inc., a corporation incorporated under
     the laws of the state of Delaware in the United States of America.

(c)  "Maturity Date" shall mean December 31, 2010.

(d)  "Maximum  Rate"  shall  mean the  highest  lawful  rate  permissible  under
     applicable law for the use, forbearance or detention of money.

(e)  "Note" shall mean this Promissory Note.

(f)  "Payee" shall mean Kronos International, Inc., or subsequent holder of this
     Note.

     EXECUTED effective October 12, 2004.

                                   MAKER:

                                   Kronos Worldwide, Inc.

                                   By:   /s/ John St. Wrba
                                         -----------------------------
                                         John St. Wrba
                                         Vice President & Treasurer

                                   Address:     Three Lincoln Centre
                                                5430 LBJ Freeway, Suite 1700
                                                Dallas, Texas   75240-2697

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