Chugoku Marine Paints forms capital and business alliance with Samhwa Paints

Chugoku Marine Paints has finalized a capital and business alliance agreement with Samhwa Paints Industrial Co., Ltd. (SPI), a South Korean paint manufacturer, following a Board of Directors resolution on November 28, 2025. This alliance deepens an existing relationship, as SPI currently holds shares in Chugoku Samhwa Paints, Ltd., a joint venture established by both companies in 1988.

Under the business alliance, both companies will enhance R&D, promote market expansion through mutual product supply, expand sales via overseas subsidiaries, strengthen production structures, and reduce raw material procurement costs through joint purchasing. The capital alliance involves Chugoku Marine Paints acquiring 1,380,000 shares of SPI's treasury stock (5.07% of issued shares) in December 2025.

In return, SPI plans to acquire Chugoku Marine Paints shares of equivalent value by September 2026 through market purchases on the Tokyo Stock Exchange. SPI, founded in 1946 and listed on the Korea Exchange, reported consolidated net assets of KRW 329,611 million and consolidated sales of KRW 628,348 million for the fiscal year ended December 2024. Chugoku Marine Paints anticipates a minor impact on its consolidated financial results for the fiscal year ending March 31, 2026.