Cosmax to shut US plant
THE WHAT? Cosmax has introduced the closure of its US manufacturing unit, based on a report printed by The Korea Financial Every day.
THE DETAILS The New Jersey facility will stop to function from Q1 2023. The corporate bought the plant from L’Oréal in 2014 for KRW15 billion however it has suffered from over-capacity since and reported a web lack of KRW27.3 billion in 2021.
THE WHY? The plant’s closure will enhance the Ok-beauty agency’s profitability, per The Korea Financial Every day, with shares rising some 9 % on the again of the information.