Chinese outfit Global New Material International Holdings has acquired Korean cosmetic pigment manufacturer CQV.
Hong Kong-listed Global New Material International Holdings now holds 42.45% of CQV, which has become a non-wholly owned subsidiary.
Global New Material International Holdings says CQV is renowned for its advanced expertise in producing mica-based products and cutting-edge pearlescent materials for the industrial, automotive and cosmetic sectors.
CQV operates an extensive sales and distribution network covering more than 100 countries and regions globally with a wide customer base of international companies.
Global New Material International specializes in the manufacturing and sale of pearlescent pigment products and artificial synthetic mica.
The financial terms of the deal were not disclosed.
“The directors believe that the acquisition offers a good chance for the group to tap opportunities in and expand its business presence in the international pearlescent pigments industry," said a Global New Material International statement.
"Through the acquisition and control of CQV, the group can leverage on the experience, knowhow and market presence of CQV, increase its market share, enhance its product offerings and thereby increase the overall competitiveness of the group,” it added.
“The company is in discussion with an independent third party on a possible acquisition of businesses which, if successfully completed, could represent a significant development of the current business of the group.”