“The deal is aimed at paving the way for entering the North and South American markets,” the company tells yonhapnews.co.kr.
Explaining Kolmar’s expansion strategy further, the company spokesperson adds, “we expect to maximize synergy by combining PTP's color make-up technology, Korea Kolmar's expertise in basic skincare products and Wormser's sales network.”
All told, Kolmar paid $15.1m for PTP (equivalent to 17bn won), yonhapnews.co.kr, reports.
Process Technologies and Packaging
PTP launched in 1993 and is best known for developing, manufacturing, and packaging color cosmetics. The company’s Pennsylvania-based “highly specialized OTC facility specializes in loose and pressed powders, lip-glosses, lipsticks, and an array of cosmetic product forms as well as creams and lotions,” according to the company profile page on the PTP site.
Beyond that, PTP also produces natural and USDA organic certified cleansers and personal care products like balms and butters, scrubs, and even solid perfumes. And the company makes bath care, hair care, facial skin care, body care, and sun care products as well. According to yonhapnews.co.kr, “PTP has provided cosmetics for global brands including L'Oréal, Coty and Shiseido.”
Local partnership
As part of the acquisition deal New Jersey – based Wormser Corporation takes 49% stake in PTP. Wormser offers cosmetic brands product development, design and engineering services, contract packaging, and turnkey options.
Wormser is stepping in to manage PTP’s marketing and sales for the Americas region, while Kolmar will handle R&D and production.