South Korean cosmetics developer and producer Cosmax is strengthening further its position with the acquisition of U.S. cosmetics maker Nu-World for US$50 million.
This is the second major international acquisition for Cosmax after the acquisition of the L’Oréal Solon (Ohio, USA) plant in 2013. Cosmax aims to take the lead in the US cosmetics manufacturing market by strengthening its local production facilities, and research and marketing organization.
With a manufacturing plant in New Jersey, NuWorld is the third-largest manufacturer of cosmetics products in the U.S. The company employs about 1,000 people, mainly producing colour products, nails and perfumes. NuWorld expects to report around 10 percent growth in sales this year from $105 million in 2016.