South Korean beauty manufacturer Cosmax has announced the acquisition of US-based NuWorld, according to a report published by Yonhap News.
The deal, which will see Cosmax pay US$50 million for the American firm, will enable the K-beauty player to gain a foothold on the US market.
NuWorld reported sales of US$105 million last year, and is expected to grow that figure by 10 percent in 2017. Its New Jersey-based 13,223 square-meter facility will strengthen Cosmax’s production capabilities, building on its purchase of an Ohio factory in 2013.
Cosmax revealed ambitious goals for its foray into the US market, setting a target of KRW200 billion in revenue for the market next year, and KRW3 trillion worldwide by 2020.