Kolmar Korea Co. will become No. 1 in both the global cosmetics original design manufacturing (ODM) and pharmaceutical contract manufacturing organization (CMO) industries in five years, the company’s new president Yoon Sang-hyun pledged upon his inauguration on Thursday.

Yoon, apparent heir to South Korea’s leading cosmetics ODM maker Kolmar Korea and the eldest son of the company’s founder and Chairman Yoon Dong-han, was promoted to the president of the firm on Thursday.

“Kolmar Korea will aim to become the leader in the global cosmetics ODM market by 2018,” said Kolmar Korea President Yoon. The company is currently the runner-up in the global cosmetics ODM market. Yoon also vowed to grow the company to become the leader in the global pharmaceutical CMO sector within five years.

To achieve the goals, the new president said the company should continue to supply a specially tailored cosmetics product line to only one client to prevent its clients - including major global brands - from turning their back on the company’s product for better prices, which is common in the cosmetics ODM market.

Kolmar Korea invests nearly 20 billion won ($17.9 million) every year in research and development and it currently holds 20,000 customized product lines, 80 patents and about 1,700 technical approval certificates. It also plans to expand its business into the color cosmetics market through mergers and acquisitions. In addition, the company is building a new pharmaceutical CMO plant to become a global player in the pharmaceutical CMO industry.

Yoon said the company will also build a new laboratory that would house cosmetics, pharmaceuticals, and health supplement products R&D researchers and facilities under one roof by 2018. The upcoming laboratory, which is currently under construction in southern Seoul, is expected to become the stepping stone for the company to secure Kolmar Korea’s one and only technical expertise and win triple crowns in all three sectors, cosmetics, pharmaceuticals and nutritional products, said Yoon.

By Kim Je-gwan

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