Kolmar Korea Holdings, having units in cosmetics, pharmaceuticals, and health-function foods, has acquired a sheet face mask factory and a biopharmaceutical firm, the company said.
Kolmask, a sheet mask manufacturing unit of Kolmar Korea Holdings, said it acquired Jay Jun Cosmetic’s plant in Incheon on Monday.
On a 6,612-square-meter land with a total area of 14,231 square meters, the plant is capable of producing 250 million sheet face masks a year. Kolmask, established in 2017, registered 73.5 billion won ($62.2 million) in sales in one year.
The latest acquisition will boost the output of Kolmask to 400 million sheets a year. As Kolmask will continue to manufacture the existing products of Jay Jun Cosmetic, it will secure stable revenue, the company said. Kolmask said it would attract more new Chinese customers through Jay Jun Cosmetic’s distribution channels in China.
Kolmask aims to enter Southeast Asian and North American markets to become a leading sheet face mask manufacturer in the world within the next five years.
Kolmar Korea Holdings also said it would participate in TKM’s capital increase by securing a 57 percent stake in the company and take over its management controls as the largest shareholder. TKM is a biopharmaceutical subsidiary of TS Corp.
TKM started as a biopharmaceutical business unit of TS Corp. in 2002 but became a separate company in March. The company manufactures and sells erythropoietin (EPO), a hormone that produces red blood cells, for the treatment of renal anemia.
Kolmar Korea Holdings plans to expand its biopharmaceutical business through TKM, enhance EPO business, and find ways to create synergy with CJ Healthcare.
Kolmar Korea acquired CJ Healthcare last year and invested in building a new factory to produce intravenous therapy (IV) fluids. The company also acquired a 57 percent stake in TKM, continuing investment in biopharmaceutical business for future growth.
“The latest investment helped us build a massive production base so that we can become the world’s No. 1 sheet mask maker in the cosmetic sector. In the pharmaceutical sector, we strengthened our biopharmaceutical business, which is one of the future growth industries,” said an official at Kolmar Korea. “By making aggressive investments, we will achieve a balanced growth between cosmetics, pharmaceuticals, and health-function foods and become a global beauty and healthcare company.”