Complex sentence: In 1971, Nippon Paint established a 50/50 joint venture with Bee Chemical which was named Nippon Bee Chemical Co., Ltd. In 2006, it became a wholly-owned subsidiary of Nippon Paint.
Split into simpler sentences: In 1971, the company established a 50/50 joint venture with Bee Chemical. The company was named Nippon Bee Chemical Co., Ltd and in 2006, it became a wholly-owned subsidiary of Nippon Paint.