Libang's parent company has acquired a Chinese furniture and coatings company.

According to the Japan Economic News on January 17th, Libang's parent company, Japan
Coatings
Holdings, announced on January 16th that it had acquired
Coatings Company
, a subsidiary of Changrunfa Coatings Group in Guangdong Province, China, for an unanned amount. Through its Chinese subsidiary, Sun Tu Holdings acquired a 60% stake in the paint company, strengthening its coatings business for residential decoration in China and expanding sales to furniture companies and others.
Tu Holdings acquired the shares from the founder of Changrunfa Coatings Group. In China, many consumers used to paint their own furniture, but in recent years more and more people have bought painted furniture. Changrun Hair Coatings Group specializes in furniture coatings business, Daily Coatings Holdings will live with its technology and marketing.
2016 (January-December), sales of D.T.'s China operations are believed to have reached about 200 billion yen. The acquisition is expected to generate an annual revenue increase of 15 billion yen for the Chinese business.