Guangzhou, Guangdong – Singapore’s Nipsea Group, which manages all Nippon Paint offices in Asia, acquired a 56% stake in polyurea paint maker Guangzhou Supe Chemical at RMB245mn ($40mn) in December 2013.
Supe claims to be China’s biggest producer and constructor of polyurea paint and epoxy floor paint with RMB500mn revenue and over 10mn m2 annual construction space. The company has 26 years of experience in surface treatment and its polyurea paint has been used in China’s railway construction including the country’s first inter-city high-speed rail.
According to China Railway Corp.’s website, the country is planning to spend RMB630bn on railway fixed assets in 2014 and construct a new 6600 km railway, with a focus on the central and west area.
XE currency conversion: 3 February.