November 11, 2016 08:45lNovember 11, 2016 08:45
Yoon Sang-hyun, CEO of Kolmar Korea, said "We will achieve 1-trillion-won annual sales by 2018 on the back of the U.S. and Chinese markets."
In an explanatory session held on November 9 to brief about the latest acquisition of American cosmetics original design manufacturer Process Technologies & Packaging LLC (PTP), Yoon said, "The sales of PTP for which we acquired in collaboration with an American cosmetics retailer Wormser would be reflected in Kolmar Korea's financial results starting from next year."
Kolmar Korea, jointly with Wormser, acquired Process Technologies in September 2016. Kolmar invested US$15.3 million to own a 51-percent stake in the U.S. company.
Process Technologies & Packaging is a specialist in cosmetic ODM, located in Olyphant, Pennsylvania, near Scranton. It supplies products to major cosmetics firms such as L'Oreal, Coty, and Shiseido.
PTP is America's third-largest ODM cosmetic supplier with its annual sales estimated at about $47.3 million.
Yoon said, "Kolmar Korea and PTP each have a strength in basic and color cosmetics. We will be jointly engaged in product R&D and production, while Wormser will take responsibility for local retail sale."
Reference :
http://english.hankyung.com/business/2016/11/11/0845231/kolmar-korea-aims-to-boost-annual-sales-up-to-1-tril-won-by-2018