DyStar foresees stability with closure of Zhejiang deal
Chemicals company DyStar is now under the full ownership of Zhejiang Longsheng Group, following the resolution of its shareholders’ dispute.
This marks a new chapter of stability, governance clarity and long-term growth, said the group.
Under the share buy-back agreement, around $689 million was paid to acquire the 37.5% shareholding previously owned by KIRI Industries. DyStar contributed $426 million, while Zhejiang Longsheng Group’s wholly owned subsidiary Sende International Capital contributed $262 million.
Ruan Weixiang, chairman of DyStar Group, said: “We are delighted with the successful conclusion of this transaction as it is consistent with Longsheng’s strategic objective of becoming a world class provider of specialty chemical production services. I am confident DyStar’s consolidated profits will be further strengthened as we remain united and work together for a better tomorrow.”
