Acquisition of Majority Stake in Pacificglas by Verescence
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, VERESCENCEAcquisition of Majority Stake in Pacificglas by Verescence
VERESCENCE ANNOUNCES THE ACQUISITION OF A MAJORITY STAKE IN PACIFICGLAS (SOUTH KOREA)
Verescence, the global leader in luxury glass packaging for the Perfumery and Cosmetics industries, today announces the acquisition of a majority stake in Pacificglas, the Korean leader for glass packaging in Cosmetics industries and a long-term partnership with Amorepacific.
For over 120 years, Verescence has been a privileged partner to the biggest perfume and cosmetics brands due to its extensive know-how and expertise. 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 & 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."
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