<SEC-DOCUMENT>0000059255-20-000092.txt : 20200603
<SEC-HEADER>0000059255-20-000092.hdr.sgml : 20200603
<ACCEPTANCE-DATETIME>20200602183415
ACCESSION NUMBER:		0000059255-20-000092
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200529
ITEM INFORMATION:		Material Modifications to Rights of Security Holders
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200603
DATE AS OF CHANGE:		20200602

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VALHI INC /DE/
		CENTRAL INDEX KEY:			0000059255
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL INORGANIC CHEMICALS [2810]
		IRS NUMBER:				870110150
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-48391
		FILM NUMBER:		20938484

	BUSINESS ADDRESS:	
		STREET 1:		5430 LBJ FRWY
		STREET 2:		STE 1700
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75240
		BUSINESS PHONE:		9722331700

	MAIL ADDRESS:	
		STREET 1:		THREE LINCOLN CENTER
		STREET 2:		5430 LBJ FREEWAY SUITE 1700
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75240-2620

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LLC CORP
		DATE OF NAME CHANGE:	19870329

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LIBERTY LOAN CORP
		DATE OF NAME CHANGE:	19800414
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>8kvhi200602.htm
<DESCRIPTION>FORM 8-K DATED MAY 29, 2020
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: k6cof9
         Document created using EDGARfilings PROfile 6.5.1.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: center; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-weight: bold;">Washington, D.C.&#160;&#160; 20549</div>
    <div style="text-align: center; margin-top: 18pt; margin-bottom: 12pt; font-size: 14pt; font-weight: bold;">FORM 8-K</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">CURRENT REPORT</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934</div>
    <div><br>
    </div>
    <div style="text-align: center;">Date of Report (Date of the earliest event reported)</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">May 29, 2020</div>
    <div style="text-align: center; margin-top: 18pt; font-size: 18pt; font-variant: small-caps; font-weight: bold;">Valhi, Inc.</div>
    <div style="text-align: center; margin-bottom: 18pt;">(Exact name of registrant as specified in its charter)</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z4fe49cac6839470bb5bedb635f3a8a5f">

        <tr>
          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">Delaware</div>
          </td>
          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">1-5467</div>
          </td>
          <td colspan="2" style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">87-0110150</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center;">(State or other jurisdiction of incorporation)</div>
          </td>
          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center;">(Commission</div>
            <div style="text-align: center;">File Number)</div>
          </td>
          <td colspan="2" style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center;">(IRS Employer</div>
            <div style="text-align: center;">Identification No.)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.33%; vertical-align: top;">&#160;</td>
          <td style="width: 33.33%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 33.33%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 33.33%; vertical-align: top;">&#160;</td>
          <td style="width: 33.33%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 33.33%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 66.92%; vertical-align: top;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">5430 LBJ Freeway, Suite 1700, Dallas, Texas</div>
          </td>
          <td style="width: 33.08%; vertical-align: top;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">75240-2620</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 66.92%; vertical-align: top;">
            <div style="text-align: center;">(Address of principal executive offices)</div>
          </td>
          <td style="width: 33.08%; vertical-align: top;">
            <div style="text-align: center;">(Zip Code)</div>
          </td>
        </tr>

    </table>
    <div style="text-align: center; margin-top: 12pt;">Registrant&#8217;s telephone number, including area code</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">(972) 233-1700</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z1f39110f23cb47a0b23aacdf388e5a2a">

        <tr>
          <td style="width: 23.68%; vertical-align: top;">&#160;</td>
          <td style="width: 52.63%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 23.68%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 23.68%; vertical-align: top;">&#160;</td>
          <td style="width: 52.63%; vertical-align: top;">
            <div style="text-align: center;">(Former name or former address, if changed since last report.)</div>
          </td>
          <td style="width: 23.68%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div style="text-align: justify; margin-top: 18pt; margin-bottom: 12pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see
      General Instruction A.2):</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z98f1cdb60c114aad9ef31be5563bf922">

        <tr>
          <td style="width: 6.77%; vertical-align: top;">
            <div style="text-align: center; font-size: 14pt;">&#9633;</div>
          </td>
          <td style="width: 93.23%; vertical-align: middle;">
            <div style="text-align: justify;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 6.77%; vertical-align: top;">&#160;</td>
          <td style="width: 93.23%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 6.77%; vertical-align: top;">
            <div style="text-align: center; font-size: 14pt;">&#9723;</div>
          </td>
          <td style="width: 93.23%; vertical-align: middle;">
            <div style="text-align: justify;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 6.77%; vertical-align: top;">&#160;</td>
          <td style="width: 93.23%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 6.77%; vertical-align: top;">
            <div style="text-align: center; font-size: 14pt;">&#9723;</div>
          </td>
          <td style="width: 93.23%; vertical-align: middle;">
            <div style="text-align: justify;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
          </td>
        </tr>
        <tr>
          <td style="width: 6.77%; vertical-align: top;">&#160;</td>
          <td style="width: 93.23%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 6.77%; vertical-align: top;">
            <div style="text-align: center; font-size: 14pt;">&#9723;</div>
          </td>
          <td style="width: 93.23%; vertical-align: middle;">
            <div style="text-align: justify;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-top: 12pt;">Securities registered pursuant to Section 12(b) of the Act:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z9c342a8773b24f489faf53b8df4f3e5a">

        <tr>
          <td style="width: 37.99%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Title of each class</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Trading</div>
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Symbol(s)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 45%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Name of each exchange on which registered</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.99%; vertical-align: top;">
            <div style="text-align: center; font-size: 8pt;">Common stock</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: center; font-size: 8pt;">VHI</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 45%; vertical-align: bottom;">
            <div style="text-align: center; font-size: 8pt;">NYSE</div>
          </td>
        </tr>

    </table>
    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
      <div>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17&#160;CFR &#167;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR &#167;240.12b-2).</div>
    </div>
    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
      <div style="text-align: right; margin-top: 6pt;">Emerging growth company&#160;&#160;&#9744;</div>
    </div>
    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
      <div style="margin-top: 6pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to
        Section&#160;13(a) of the Exchange Act.&#160;&#160;&#9744;</div>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: -72pt; margin-left: 72pt; font-size: 12pt; font-weight: bold;">Item 3.03&#160;&#160;&#160;&#160;&#160;&#160;&#160; Material Modification to Rights of Security Holders.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">To the extent required by Item 3.03 of Form&#160;8-K, the information contained in Item 5.03 of this Form&#160;8-K is incorporated herein by reference.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z908c9a84c4824289b2a005e373ad8909">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-size: 12pt; font-weight: bold;">Item 5.03</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 12pt; font-weight: bold;">Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">On May 29, 2020, the registrant filed a certificate of amendment (the &#8220;Certificate of Amendment&#8221;) to the registrant&#8217;s third amended and restated certificate of incorporation with the
      Secretary of State of the State of Delaware to effect (1) a 1-for-12 reverse stock split of the outstanding shares of the Company&#8217;s common stock, par value $0.01 per share (the &#8220;Reverse Stock Split&#8221;), and (2) a reduction in the number of authorized
      shares of the registrant&#8217;s stock from 505,000,000 shares (500,000,000 shares of common stock and 5,000,000 shares of preferred stock), par value $.01 per share, to 50,500,000 shares (50,000,000 shares of common stock and 500,000 shares of preferred
      stock), par value $.01 per share.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">The Certificate of Amendment and the Reverse Stock Split became effective at 4:01 p.m. Eastern time on June 1, 2020.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">No fractional shares of common stock will be issued as a result of the Reverse Stock Split. Instead, any stockholder of record who would have been entitled to receive a fractional
      share as a result of the Reverse Stock Split will receive a cash payment in lieu of such fractional share.&#160; Additional information regarding the Reverse Stock Split can be found in the registrant&#8217;s definitive proxy statement filed with the&#160;Securities
      and Exchange Commission&#160;on&#160;April 7, 2020.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">The foregoing description of the Certificate of Amendment does not purport to be complete and is qualified in its entirety by reference to the complete text of the Certificate of
      Amendment, a copy of which is filed with this report as Exhibit 3.1 and is incorporated herein reference.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zddabbec6b6c24819b376c163ed02d1b8">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-size: 12pt; font-weight: bold;">Item 9.01</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 12pt; font-weight: bold;">Financial Statements and Exhibits.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zd8ae2780d9c74c67a16a135b6d53c9cc">

        <tr>
          <td colspan="2" style="width: 5.83%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">(d)</div>
          </td>
          <td colspan="3" style="width: 19.74%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">Exhibits</div>
          </td>
          <td style="width: 2.82%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 71.62%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 5.83%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 19.74%; vertical-align: top;">&#160;</td>
          <td style="width: 2.82%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 71.62%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 5.83%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 19.74%; vertical-align: top; border-bottom: 2px solid #000000;">
            <div>
              <div style="text-align: center; font-size: 12pt; font-weight: bold;">Item No.</div>
            </div>
          </td>
          <td style="width: 2.82%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 71.62%; vertical-align: top; border-bottom: 2px solid #000000;">
            <div>
              <div style="text-align: center; font-size: 12pt; font-weight: bold;">Exhibit Index</div>
            </div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 5.83%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 19.74%; vertical-align: top;">&#160;</td>
          <td style="width: 2.82%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 71.62%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 5.83%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 19.74%; vertical-align: top;">
            <div style="text-align: center; font-size: 12pt;">3.1</div>
          </td>
          <td style="width: 2.82%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 71.62%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;"><a href="exhibit31.htm">Certificate of Amendment to the Third Amended and Restated Certificate of
                Incorporation of the registrant</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 1.13%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 19.42%; vertical-align: top;">&#160;</td>
          <td style="width: 2.8%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 69.72%; vertical-align: top;">&#160;</td>
          <td style="width: 6.93%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">SIGNATURE</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
      authorized.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z2e9c5b5b03f5438ea44626f80e0915bf">

        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt; font-variant: small-caps; font-weight: bold;">Valhi, Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">(Registrant)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top; border-bottom: 2px solid black;">
            <div style="text-align: justify;"><font style="font-size: 12pt;">By:</font>&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">/s/ Jane R. Grimm</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">Date:&#160; June 2, 2020</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; margin-left: 26.1pt; font-size: 12pt; font-style: italic;">Jane R. Grimm,</div>
            <div style="text-align: justify; margin-left: 26.1pt; font-size: 12pt; font-style: italic;">Vice President and Secretary</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <br>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>exhibit31.htm
<DESCRIPTION>CERTIFICATE OF AMENDMENT TO THE THIRD AMENDED AND RESTATED CERTIFICATE OF INCORPORATION OF VALHI, INC.
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: k6cof9
         Document created using EDGARfilings PROfile 6.5.1.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: right;">Exhibit 3.1</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;"><a name="CERTIFICATEOFAMENDMENT"><!--Anchor--></a>CERTIFICATE OF AMENDMENT</div>
    <div style="text-align: center; font-weight: bold;">TO THE</div>
    <div style="text-align: center; font-weight: bold;">THIRD AMENDED AND RESTATED CERTIFICATE OF INCORPORATION</div>
    <div style="text-align: center; font-weight: bold;">OF</div>
    <div style="text-align: center; font-weight: bold;">VALHI, INC.</div>
    <div> <br>
    </div>
    <div><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Valhi, Inc., a corporation
        organized and existing under the General Corporation Law of the State of Delaware (the &#8220;Corporation&#8221;), does hereby certify as follows:</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">1.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>The Third Amended and Restated Certificate of Incorporation of the Corporation is hereby amended as follows:</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">a.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>The first sentence of Article IV is deleted and replaced with the following:</div>
    <div><br>
    </div>
    <div style="margin-left: 72pt; margin-bottom: 8pt;">&#8220;The total number of shares of all classes of stock which the Corporation has authority to issue is fifty million five
      hundred thousand (50,500,000)&#160;shares, of which fifty million (50,000,000)&#160;shares are common stock, $.01 par value per share (hereinafter referred to as &#8220;<font style="font-style: italic;">Common
        Stock</font>&#8221;), and five hundred thousand (500,000) shares are preferred stock, $.01 par value per share (hereinafter referred to as &#8220;<font style="font-style: italic;">Preferred Stock</font>&#8221;).&#8221;</div>
    <div style="text-indent: 36pt;">b.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>The following is added as a new Section 4.4 in Article IV:</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; margin-left: 72pt;">&#8220;<font style="font-weight: bold;">Section 4.4</font>.&#160;
      Upon this Certificate of Amendment to the Third Amended and Restated Certificate of Incorporation of the Corporation becoming effective pursuant to the General Corporation Law of the State of Delaware (the &#8220;Effective Time&#8221;), each twelve (12) shares
      of Common Stock then issued and outstanding shall, automatically and without any action on the part of the respective holders thereof, be combined and converted into one (1) share of Common Stock.&#160; No fractional shares will be issued and, in lieu
      thereof, stockholders otherwise entitled to receive a fractional share will instead receive cash for such stockholder&#8217;s fractional share on a basis determined by the Board of Directors of the Corporation. Each certificate that immediately prior to
      the Effective Time represented shares of Common Stock (an &#8220;Old Certificate&#8221;) shall thereafter represent that number of shares of Common Stock into which the shares of Common Stock represented by the Old Certificate shall have been combined, subject
      to the elimination of fractional share interests as described above.&#8221;</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">2.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>This Certificate of Amendment shall become effective as of June 1, 2020 at 4:01 p.m. Eastern time.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">3.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>This Certificate of Amendment was duly adopted in accordance with the provisions of Section 242 of the General Corporation Law of the State of Delaware.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">IN WITNESS WHEREOF, Valhi, Inc. has caused this Certificate to be executed by its duly authorized officer on this 29th day of May, 2020.</div>
    <div><br>
    </div>
    <div style="text-indent: 4.5pt; margin-left: 247.5pt; font-weight: bold;">VALHI, INC.</div>
    <div><br>
    </div>
    <div>
      <div><br>
      </div>
      <div style="text-indent: 4.5pt; margin-left: 247.5pt; font-weight: bold;">VALHI, INC.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-indent: 4.5pt; margin-left: 247.5pt;">By:&#160; <u>/s/ Robert D. Graham</u><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt">&#160;</font></div>
      <div style="text-indent: 22.5pt; margin-left: 247.5pt; font-style: italic;">Robert D. Graham</div>
      <div style="text-indent: -18pt; margin-left: 288pt; font-style: italic;">Vice Chairman of the Board, President</div>
      <div style="text-indent: -18pt; margin-left: 288pt; font-style: italic;">and Chief Executive Officer</div>
    </div>
    <br>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
