Sumitomo, Cosmotec form JV for cosmetic ingredients distribution

Japanese cosmetics company Sumitomo has announced that its American and Brazilian subsidiaries have entered a joint venture (JV) agreement with Brazil-based cosmetics manufacturer COSMOTEC ESPECIALIDADES QUIMICAS for cosmetic ingredients distribution.

As per the agreement, Sumitomo along with its US cosmetic ingredient distribution company Presperse will jointly work with Cosmotec.

Cosmotec will branch out its Cosmetic ingredient distribution business into a separate company, in which Sumitomo will invest.

According to the agreement, Sumitomo will work with Presperse and Cosmotec and will provide a new global procurement capabilities, in a bid to expand their businesses throughout the South American marketplace and further develop the cosmetic and personal care market.

Cosmotec president and CEO Luciano Fagliari said the firm is looking forward to collaborate with the Sumitomo and Presperse, in a bid to expand its cosmetic business globally by utilising its extensive networks and established infrastructures in the Brazil and South America market.

"We will continue our prosperous relationships with our existing suppliers, and basic policies while enhancing our global reach, and service to customers in Brazil," Fagliari added.

Cosmotec, founded in 1987, operates a business centring on cosmetic ingredient distribution services and pet care in Brazil.

The firm offers ingredients, as well as developed formulas to major Brazilian cosmetic manufacturers.