Ningbo Shinmei Kako Co., Ltd. enter into a letter of intent to acquire Ningbo Rikke Chemical Co., Ltd. from LEC, Inc. (TSE:7874) on July 17, 2020. Consideration will be determined through negotiations between both parties. For year ended December 31, 2019, Ningbo Rikke Chemical Co had net worth of ¥270 million, Total assets of ¥410 million, sales of ¥265 million and Operating loss of ¥29 million. The board of LEC passed the resolution on July 17, 2020 and date of contract is schedule on July 20, 2020. The transaction is expected to close on September 30, 2020.