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Biz News Korea(Eng)
Kolmar Korea takes over Canadian cosmetics maker CSR Cosmetic Solutions
- Collected
- 2016.12.01
- Distributed
- 2016.12.02
- Source
- Go Direct
Kolmar Korea announced on Wednesday that it signed a contract to buy an 85 percent stake in the Canadian cosmetics ODM company CSR and its manufacturing facility and site for 25 billion won ($21 million).
CSR was formerly Kolmar Canada, founded in 1953 as a wholly owned subsidiary of Kolmar USA but was rebranded as CSR Cosmetic Solutions in 2008.
CSR recorded 30 billion won in sales last year, of which basic skin care products accounted for 66 percent and make-up products and others took up 34 percent. It has been supplying its products to global cosmetics giants and famous local brands in North America.
Kolmar Korea bought U.S.-based cosmetics maker Process Technologies & Packaging (PTP) specializing in decorative cosmetics in September this year. Now that it acquired CSR which has strength in skin care products, it is expected to accelerate its entry into the North American market.
“Basic infrastructure to enter the North American market would soon be set up with the acquisition of PTP and CSR,” said an unnamed official from Kolmar Korea. “We aim to expand our share in the North and South American market through manufacturing bases in the U.S. and Canada, and achieve 1 trillion won in sales in the cosmetics business by 2018,” he added.
Shares of Korea Kolmar closed Wednesday at 67,400 won, down 1.61 percent or 1,100 won from the previous session.
By Lee Young-wook
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]