Beijing New Building Materials Plans to Acquire 78% Stake in Carpoly Chemical Group
The move will enable Beijing New Building Materials to expand its portfolio to other parts of China.
Chinese company Beijing New Building Materials (BNBM) has agreed to acquire a 78.34% stake in paint and coatings manufacturer Carpoly Chemical Group. The deal, worth about $573 million, is awaiting approval from China's antitrust authorities.
After the successful completion of this transaction, Carpoly will become a subsidiary of Beijing New Building Materials.
This transaction is expected to significantly increase Beijing New Building Materials' market share in China's paint and coatings industry. Currently, Beijing New Building Materials' paint and coatings business is limited to the northern Chinese market.
Citing Beijing New Building Materials' recent filing with the Shenzhen Stock Exchange, Reuters said the acquisition is expected to increase the company's production capacity by more than tenfold.
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