Amorepacific announced it would sell a 60 percent stake in Pacific Package to strategic partner the Autajon Group.
WHO: Pacific Package, based in Cheonan, Korea, was established in 1968 and became a subsidiary of Amorepacific Group in 2010. The company runs an integrated production line for cosmetics packaging and premium shopping bags, from paper purchase to printing, laminating, and adhesion.
The Autajon Group is one of Europe's leading packaging manufacturers, supplying product packages and labels for cosmetics and perfume brands such as Chanel, Christian Dior, and Chloe.
WHY: The companies have maintained a strategic partnership since 2015 under a memorandum of understanding to exchange technology and expertise in the field. The deal is said to be part of Amorepacific's plan to strengthen its link with the French packaging manufacturer.
IN THEIR OWN WORDS: "This collaboration with Autajon will be an opportunity for PacificPackage to ensure the highest level of competitiveness in technology, manufacturing, quality and overall logistics, and to lay the foundation for further expansion in the global market," Amorepacific said in a statement. "In addition, PacificPackage will be able to identify additional customers through Autajon, which means that the partnership can become a new growth engine for PacificPackage's sustainable growth."
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