Zhejiang Huayuan Pigment Co., Ltd. completed the acquisition of 77.5% stake in Jiaozuo Billions United Pigment Co. Ltd. from LB Group Co., Ltd..
July 25, 2022
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Zhejiang Huayuan Pigment Co., Ltd. agreed to acquire remaining 77.5% stake in Jiaozuo Billions United Pigment Co. Ltd. from LB Group Co., Ltd. (SZSE:002601) for approximately CNY 160 million on June 29, 2022. Post completion, LB Group Co., Ltd. will hold no stake while Zhejiang Huayuan Pigment Co., Ltd. will have 100% stake of Jiaozuo Billions United Pigment Co. Ltd. For the year ended December 31, 2021, Jiaozuo Billions United Pigment Co. Ltd. has reported total assets of CNY 792..36 million, net assets of CNY 332.72 million, operating income of CNY 777.78 million and operating profit of CNY 52 million. The Board of Directors of LB Group Co., Ltd. has approved the transaction.
Zhejiang Huayuan Pigment Co., Ltd. completed the acquisition of 77.5% stake in Jiaozuo Billions United Pigment Co. Ltd. from LB Group Co., Ltd. (SZSE:002601) on July 26, 2022.
LB Group Co Ltd, formerly Lomon Billions Group Co Ltd, is a China-based company principally engaged in the manufacture and distribution of fine chemical products. The Company's main products include titanium dioxide, primarily consisting of rutile type titanium dioxide, which is applied in paints, plastics, paper making, rubber, printing oil, chemical fiber, ceramics and cosmetics industries, among others, as well as zirconium products and aluminum sulfate, among others. The Company distributes its products in domestic and overseas markets.