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Nippon Paint (through its subsidiary Nippon Investment Co.) signed an agreement to build a new materials production base in Yongxiu County, Jiangxi Province, with a total investment of CNY 2 billion (approx. USD 280 million). The plant will be built in two phases over three years, producing 200,000 tons of imitation stone mortar and 3 million tons of specialty dry powder in Phase I, and additional capacity in Phase II.