TOKYO -- Nippon Paint Holdings said on Wednesday that it will acquire Cromology Holding, a French maker of decorative paints, through a subsidiary.

Nippon Paint says Cromology is the fourth-largest maker of decorative paints in Europe.

The Japanese company says the European paint market is the world's second-largest, after China's, and has prospects for stable growth. Nippon Paint will pay 1.15 billion euros ($1.3 billion, 150 billion yen) for Cromology.