K&L Gates Advises DIC Corporation on Acquisition of Chemical Manufacturing Operations in China

Hong Kong – Global law firm K&L Gates has advised Tokyo-listed DIC Corporation (stock code: 4631) on its acquisition of chemical manufacturing operations based out of Guangdong, China. 

The transformative share and asset acquisition will provide DIC Corporation with additional manufacturing capacity of more than 40,000 tons of solvent- and water-based resins and chemicals per annum in China, with an expansion plan to go to 150,000 tons. The target company is Guangdong Tong Tak New Materials Co., Ltd., owned by a group of individuals, who also control the seller for the asset deal.  

Established in 1908 and operating out of more than 60 countries, DIC Corporation is a world-leading specialty manufacturer of printing inks, pigments, and polyphenylene sulfide compounds.  

The K&L Gates team that advised DIC Corporation was led by corporate partner Frank Voon, with support from counsel Elsa Mak and associates Xiaotong Wang, Carrie Yijia Luo, and Dan Wu. Foreign direct investment advice was provided by partner Amigo L. Xie. The deal team spanned the firm’s Beijing, Brussels, Hong Kong, Pittsburgh, Shanghai, and Tokyo offices. 

Lead partner Frank Voon said: “We are thrilled to have assisted DIC Corporation with this transformative and complex transaction, which required a committed and solutions-oriented multidisciplinary team to navigate through the intricate regulatory changes and pandemic environment. We congratulate DIC Corporation for achieving this important milestone and look forward to their continued success.”

Hideto Fujita, Senior Counsel of the Legal Department of DIC Corporation commented: “We truly appreciate the support of the dedicated K&L Gates team over the course of this long-running project. Frank Voon and his team worked closely alongside us, and their support was instrumental for the successful closing of this project.”