Valhi Proposes Merger With Tremont



         DENVER, July 29, 2002 . . . Tremont Corporation ("Tremont") (NYSE: TRE)
announced today that it has received a merger  proposal from Valhi,  Inc. (NYSE:
VHI).  Valhi's proposal  contemplates that stockholders of Tremont (including NL
Industries,  Inc.)  other than Valhi would  receive  between 2 and 2.5 shares of
Valhi common stock for each share of Tremont common stock. Valhi and NL together
currently own  approximately 80% of the 6,424,858 shares of Tremont common stock
outstanding.

         Tremont  said it  expects  its  Board of  Directors  to form a  special
committee comprised of Board members unrelated to Valhi to review the proposal.

         Tremont,  headquartered in Denver,  Colorado,  is principally a holding
company with  operations  in the titanium  metals  business,  conducted  through
Titanium Metals Corporation  (TIMET), in the titanium dioxide pigments business,
conducted  through NL, and in real  estate  development,  conducted  through The
Landwell Company.

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