Pacificglas offers glass packaging solutions for the customers in the cosmetics industries
Verescence has acquired majority stake in Pacificglas. (Credit: Verescence)
Glass packaging solutions provider Verescence has purchased a majority stake in South Korean company Pacificglas for an undisclosed sum.
Verescence has also entered into a long-term partnership with Pacificglas parent company Amorepacific, a global cosmetics company.
Pacificglas is engaged in the manufacturing of glass packaging solutions for customers in the cosmetics industries.
Verescence stated that Pacificglas has advanced bottle design, mould design, bottle making and decoration technologies and manufacturing facilities, as well as supplies more than 2,000 types of glass bottles to around 110 cosmetics companies in and outside Korea per annum.
Verescence CEO Thomas Riou said: “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.”
Verescence is said to produce 500 million bottles per annum in its three glass production sites, as well as its four decoration sites in Europe and North America.
The company employed 2,300 people across the world and reported sales revenue of €309m.
With consumers in Asia, North America, Europe, Oceania and the Middle East, Amorepacific’s portfolio consists of more than 20 cosmetics, personal care, and health care brands.