Kolmar Korea acquires US contract cosmetics manufacturer PTP

South Korean cosmetics original design manufacturing (ODM) firm Kolmar Korea has purchased US-based Process Technologies & Packaging (PTP).

This acquisition will help Kolmar Korea improve its competitiveness in the US, reported Pulsenews.co.kr.

Kolmar set up a firm called Seokoh to purchase the 51% interest in PTP for KRW17bn ($15.1m).

Established in 1993 in Pennsylvania, PTP provides cosmetics for brands such as L'Oreal, Coty, and Shiseido. This transaction is part of a joint partnership with New Jersey-based Wormser Corporation, which will buy the remaining interest.

According to the terms of the deal, Kolmar will be responsible for research and development (R&D), as well as production. Wormser will be in charge of marketing and sales in the US, reported Yonhap news agency.