This acquisition marks another milestone in CHESIR global expansion strategy.
On August 23rd, CHESIR announced in a statement that it has officially completed the acquisition of CQV.
The announcement stated that all the preconditions under the CQV Sale Shares Agreement and CQV Inventory Shares Agreement have been met, and the transaction was completed on August 22, 2023. After the transaction, CHESIR holds 42.45% of the issued shares of CQV, becoming the single largest shareholder of CQV. CQV has become a non-wholly-owned subsidiary of CHESIR, and its financial performance and condition will be consolidated into the group’s accounts.
CQV, based in South Korea, is a globally renowned pearl pigment company that produces over 800 types of pearl pigment products, which are sold in over 100 countries and regions worldwide. According to CQV’s previous financial reports, it recorded a revenue of 254 million yuan ($34.9 million) in 2022, with 80% of it contributed by cosmetics and automotive products.
CHESIR is China’s largest supplier of pearl pigments and the world’s leading supplier of synthetic mica pearl pigments. The company has formulated a development strategy of “internal development and external expansion” and aims to expand its overseas sales channels through international mergers and acquisitions while steadily developing its own business, accelerating its overall growth.
