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.