Kolmar Korea signs agreement to acquire CSR Cosmetics

Original development manufacturer (ODM) Kolmar Korea has entered into an agreement to acquire a majority stake in Canada-based firm CSR Cosmetic Solutions.

Under the terms of the agreement, Kolmar Korea will acquire an 85% stake in CSR Cosmetics and its manufacturing facility for KRW25bn ($21m), reported Pulsenews.co.kr.

CSR Cosmetics was founded in 1953 as Kolmar Canada but was rebranded to CSR Cosmetic Solutions in 2008. Last year, the company posted sales of KRW30bn ($25m),  which was made up of almost 65% skincare products and 35% makeup products.

CSR Cosmetics supplies products to several cosmetic firms across US and other countries. With the inclusion of Kolmar's acquisition of US cosmetics firm Process Technologies & Packaging (PTP) in September, the company is set to expand its presence in North American market.

Kolmar Korea's official was quoted by Pulsenews.co.kr. as saying: “Basic infrastructure to enter the North American market would soon be set up with the acquisition of PTP and CSR.

“We aim to expand our share in the North and South American market through manufacturing bases in the US and Canada, and achieve 1 trillion won in sales in the cosmetics business by 2018."