Zeon Corporation agrees to transfer Tohpe’s paints business to NATOCO Co. through share sale agreement

Zeon Corporation has agreed to transfer the paints business of its group company Tohpe Corporation to NATOCO Co. through a share transfer agreement signed on May 11, 2026. Before the transfer, Zeon will separate Tohpe’s acrylic rubber business into a newly established wholly owned subsidiary through an absorption-type company split.

Zeon acquired Tohpe in 2013 to strengthen its technological capabilities and integrate Tohpe’s acrylic rubber operations with Zeon’s elastomer business. However, the paints and coatings business faced challenges in improving competitiveness and developing higher value-added products.

As part of its Medium-Term Business Plan STAGE30, Zeon is restructuring its portfolio through a strategy of “selection and concentration.” Following a strategic review, the company determined that transferring Tohpe’s paints business to NATOCO would provide better growth opportunities due to NATOCO’s strong technology base, customer network, and experience in the paints industry.

Meanwhile, Tohpe’s acrylic rubber business will remain within the Zeon Group, where it has shown strong synergies with Zeon’s elastomer operations. Zeon plans to further strengthen collaboration between its businesses to improve overall corporate value and capital efficiency while continuing to support sustainability and innovation through its technologies, products, and services.

Source: Zeon