April 24, 2024

• 

[THE INVESTOR] SK Bioland announced on Dec. 8 that it will set up a joint venture in Zhejiang, China, to manufacture cosmetics and health care products based on the coniferous tree Torreya nucifera. 

The SKC subsidiary will have 40 percent stake, and invest a combined 17 billion won (US$14.65 million). They partners will jointly operate the new company in Zhuji in Zhejiang province, which has outsourced its rights to create and manage forests of Torreya nucifera to SK bioland’s partner exclusively. 

The tree, commonly known as kaya, is known for its anti-inflammation and antibacterial properties. It is widely used in China to brighten the skin or help hair growth. Kaya is rare in South Korea and is designated a natural monument. About 80 percent of the trees in China are concentrated in Zhejiang province. 

The JV will have exclusive supply of kaya fruits from the Chinese company and apply the South Korean firm’s technology in extracting natural ingredients to create beauty and health products such as extracts, said Jeong Chan-bok, CEO of SK bioland. 

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