The settlement was concluded through several agreements, including a Share Buy-Back Agreement and a Framework Agreement, both dated 12 December 2025, as well as an Amended and Restated Share Purchase Agreement finalised on 13 December 2025.
These agreements amended the original Share Purchase Agreement signed on 29 May 2025.
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The transaction involved the purchase of a 37.5% shareholding previously held by KIRI Industries for a total sum of $688.88m.
DyStar provided $426.52m of the payment while Zhejiang Longsheng Group’s subsidiary, Sende International, contributed $262.4m.
Court-appointed receivers Deloitte & Touche Financial Advisory Services confirmed the transaction on 30 December 2025, with completion occurring the same day.
With this process finalised, all legal disputes between Zhejiang Longsheng and KIRI Industries related to DyStar’s shareholding have been settled.
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By GlobalDataThe two directors nominated by KIRI Industries have stepped down from DyStar’s board of directors. As a result, DyStar now operates as a wholly owned subsidiary of Zhejiang Longsheng Group.
DyStar Group board of directors chairman Ruan Weixiang said: “We are delighted with the successful conclusion of this transaction as it is consistent with Longsheng’s strategic objective of becoming a world class provider of specialty chemical production services. I am confident DyStar’s consolidated profits will be further strengthened as we remain united and work together for a better tomorrow.”
The company stated it will maintain transparency and continue engagement with its stakeholders during this transition.
DyStar Group managing director and president Xu Yalin said: “The complete resolution of the shareholders’ dispute marks a pivotal milestone for DyStar. With full ownership and unified governance under the leadership of Zhejiang Longsheng Group, DyStar is well-positioned to strengthen its global operations, accelerate innovation, and deliver sustainable value for all stakeholders.”
In April last year, DyStar Group terminated manufacturing activities at its Hilton Davis facility, with selected processes to be absorbed by DyStar LP in Reidsville, North Carolina.
