GUANGZHOU, China - Henan Billions has successfully acquired a 100-percent equity stake in rival Chinese titanium dioxide producer Lomon for $1.47 billion (RMB9 billion). The deal will make Henan Billions the largest TiO2 manufacturer in Asia and the fourth largest worldwide.

The company financed the deal by issuing 380 million shares through a non-public offering. The shares were valued at $4.41 (RMB27) per share.

Henan Billions also disclosed in its announcement that it plans to set up a new company in the United States with $300,000 of registered capital, which will be named Billions (America) Co. Ltd. The new company will be primarily engaged in selling Henan Billions’ TR52 printing ink TiO2, which the company purchased from Huntsman for $10 million in September 2014.