April 26, 2024

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[THE INVESTOR] Kolmar Korea Holdings announced on Nov. 30 that it has decided to take over CSR Cosmetic Solutions, a Canadian cosmetics manufacturer, for 25 billion won (US$21.43 million) to strengthen its position in the North American market.

The South Korean cosmetics original equipment and design manufacturer will acquire 85 percent stake in the Canadian company. 

Through a newly established subsidiary Seokoh Canada, Kolmar Korea will acquire CSR’s entire preferred stock as well as land and building in Ontario. 

CSR, formerly known as Canada Kolmar, which was established in 1953 by Kolmar USA. 

"It is significant that we have taken over the subsidiary of Kolmar Korea, the core of our global network,” said the company official, adding that this acquisition completes the infrastructure to target the North American market. 

The Canadian beauty and health market alone amounts to 8.6 trillion won as of 2016, with an annual growth rate of between 5 to 6 percent. CSR’s revenue last year came in at 30 billion won. 

By Hwang You-mee (glamazon@heraldcorp.com)