[THE INVESTOR] Kolmar Korea, a major domestic cosmetics original design manufacturer, has signed a deal to acquire Process Technologies and Packaging in a bid to bolster its presence in the US cosmetics market, the firm said on Sept. 19.
In a regulatory briefing, Kolmar said it has established a special purpose company, named Seokoh, to acquire a 51 percent stake in Process Technologies & Packaging for 17 billion won ($15.1 million).
The Korean firm along with contract manufacturer of personal care cosmetics Wormser agreed to buy the entire stake in the US-based developer, manufacturer and packager of color cosmetics.
In a regulatory briefing, Kolmar said it has established a special purpose company, named Seokoh, to acquire a 51 percent stake in Process Technologies & Packaging for 17 billion won ($15.1 million).
The Korean firm along with contract manufacturer of personal care cosmetics Wormser agreed to buy the entire stake in the US-based developer, manufacturer and packager of color cosmetics.
“Through the acquisition of PTP, we set up a bridge to advance into North and South America,” an official at Kolmar Korea said.
Under the purchase contract, Kolmar Korea will hold 51 percent stake and will be in charge of production as well as research and development. New Jersey-based Wormser will hold 49 percent stake and will focus on sales and marketing.
Established in 1993, PTP’s client list includes L’Oréal, Coty and Shiseido.
By Park Han-na (hnpark@heraldcorp.com)
