Perfumery and cosmetics glass manufacturer Verescence has acquired South Korean glass packager Pacifglas and secured a long-term partnership with Amorepacific.
Verescence produces 500 million bottles per year in its three glass production sites and its four decoration sites in Europe and North America.
In 2019, the company employed 2,300 people worldwide and achieved sales revenue of 309 million euros.
Thomas Riou, CEO of Verescence, 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 and 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.”
Pacificglas is a subsidiary of global cosmetics company Amorepacific and has manufactured cosmetics glass since 1973. It supplies more than 2000 types of glass bottles to nearly 110 cosmetics companies in and outside South Korea every year.