Verescence, the global leader in luxury glass packaging for the Perfumery and Cosmetics industries, has acquired a majority stake in Pacificglas, the Korean leader for glass packaging in cosmetics industries. Verescence has also agreed on a long-term partnership with Korean beauty giant Amorepacific and Pacificglas previous owner.
Verescence produces 500 million bottles per year in its three glass production sites (in France, in Spain, and in the USA) and its four decoration sites in Europe and North America.
This acquisition allows Verescence to take a position in the growing Asian market.
“We are delighted with the acquisition of a majority stake in Pacificglas and the long-term partnership with Amorepacific. This is a major step in our Strategic Plan, Verescence 2022. Amorepacific will become a top customer of Verescence group and with Pacificglas, Verescence will reinforce its leadership in high-end Perfumery & Cosmetic glass packaging. From this strong base Verescence plans to become a pan-Asian leader and will invest in technology and capacity to meet growing demand of high-end glass,” said Thomas Riou, CEO of Verescence.
In 2019, the company employed 2,300 people worldwide and achieved sales revenue of 309 million euros.