Cosmetics developer Cosmecca acquires U.S. original design manufacturer

By Lim Chang-won Posted : April 24, 2018, 13:22 Updated : April 24, 2018, 13:22

[Cosmecca Korea]


SEOUL -- Cosmecca Korea, a South Korean cosmetics developer and producer, has secured a foothold in the U.S. market by purchasing a controlling stake in Englewood Laba, a New Jersey-based original design manufacturer.

Cosmecca said in a regulatory filing on Tuesday that it would acquire a 34.71 percent stake in Englewood Lab for 57.76 billion won (53.5 million US dollars), with its managerial rights to be exercised on June 8.

Englewood Lab supplies anti-aging, acne-improving and brightening products as well as sunscreens to cosmetics companies. The American company has a factory in the western city of Incheon.

The acquisition would help Cosmecca secure a network of American clients in the premium cosmetics market. Cosmecca has tried to tap into the American market since it established its first overseas branch in China in 2014.

Cosmecca CEO Cho Im-Rae said his company would upgrade research and development through the exchange of American and South Korean research personnel. "We will actively support the advancement of domestic clients into the United States."

 

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