Zhejiang Huayuan Pigment Co., Ltd. and Deqing United Pigment Co., Ltd entered into an agreement to acquire 60% stake in Toda United Industrial (Zhejiang) Co., Ltd. from Toda Kogyo Corp. (TSE:4100) on November 29, 2022. The deal is subject to the approval of the regulatory authority in accordance with laws and regulations. As of fiscal year ending December 2021, Toda United reported total assets of CNY 5,188 million, EBIT of CNY 468 million and net income of CNY 270 million. As of December 28, 2022, The transaction is expected to close on December 28, 2022.

Zhejiang Huayuan Pigment Co., Ltd. and Deqing United Pigment Co., Ltd completed the acquisition of 60% stake in Toda United Industrial (Zhejiang) Co., Ltd. from Toda Kogyo Corp. (TSE:4100) in December, 2022.