Sumitomo Corporation Group has entered into an agreement to form a joint cosmetic ingredient distribution business with Cosmotec, a major supplier of cosmetic ingredients and pet supplies in Brazil.
The Sumitomo Corporation Group also expanded their business in the cosmetic and personal care market in 2010, with the acquisition of the U.S. cosmetic ingredient distribution company, Presperse Corporation.
Sumitomo plans to work closely with Presperse and Cosmotec to leverage new global procurement capabilities with the goal of expanding their business throughout South America, to further develop the cosmetic and personal care market.
"We are looking forward to collaborating with the Sumitomo Corporation Group and Presperse in expanding our cosmetic business globally by utilizing our extensive networks and established infrastructures in the Brazil and South America market," said Luciano Fagliari, president and CEO, Cosmotec.
He added, "We will continue our prosperous relationships with our existing suppliers, and basic policies while enhancing our global reach, and service to customers in Brazil." Luciano Fagliari will remain as CEO of the new company.
Hiromichi Maruyama, general manager, chemicals and electronics, Sumitomo Corporation of America, commented:
"The largest cosmetic market in the world will be Brazil in 2016 and we will be able to satisfy this demand with this investment in Cosmotec. Our new business will increase global operation dramatically in the Americas by using Cosmotec's access to Brazilian Cosmetic companies and infrastructures."