이 누리집은 대한민국 공식 전자정부 누리집입니다.

한상넷

비즈니스 정보

Biz News Korea(Eng)

Englewood Lab to build production base in Korea after Oct Kosdaq IPO

Collected: 2016.09.23

Distributed: 2016.09.26

Source: Go Direct

[David Chung]

Englewood Lab, LLC, a U.S. manufacturer of skin products, said it will build a manufacturing base in Korea, using the proceeds from the initial public offering due next month on Korea’s secondary KOSDAQ market. The production facility will serve as a base to support its future operations in Korea and China, said , the founder and CEO of Englewood Lab on Thursday.

The contract supplier of cosmetic raw materials has been dedicated to basic skin products since its founding in 2004, supplying to big cosmetics names such as Elizabeth Arden, Clinique and Kiehl.

Chung, a Korean-American who was raised in the U.S., said his company will support independent operations of its Korean subsidiary set up a year ago. The local entity runs R&D, marketing and product development operation in Korea. He also said the company plans to form a collaborative system to foster the Korean unit as a production hub for Asia.

Englewood Lab will go public mid-October. The company’s revenue reached 59.6 billion won ($54 million) with an operating profit of 6.2 billion won in 2015.

Englewood Lab would become the second U.S. company to publicly trade in Korea following Access Bio which was listed on the KOSAQ market in 2013.

A total of 4.2 million shares will be sold at a desired price band between 5,700 won and 6,700 won apiece. The company hopes to raise up to 28.1 billion won from the IPO.

By Park Yoon-gu

Read in Korean

List

Previous: LS Mtron targets to ship $15 mn worth tractors to Iran in 2017

Next: Samsung Elec.’s executive arrested for stealing core chip technology