Sumitomo Corp. and Summit Pharmaceuticals International Corp. have acquired a cosmetic ingredient distribution business from Kyowa Hakko Europe GmbH. The move gives further entree into the European market for Sumitomo, which accounts for approximately 30% of the global cosmetics ingredients market.
Under terms of the agreement, The Sumitomo Group will purchase the right to market cosmetic ingredients, including vitamins and moisturizing agents for hair and skin care products, with sales business conducted primarily in Germany, as well as other European countries, and the Middle East.
Primary clients will include major and national cosmetic manufacturers and distributors.
The Sumitomo Group acquired Presperse in 2010, and invested in Cosmotec International Especialidades Cosmeticas Ltda in 2013.
"I am delighted to sign an agreement to acquire a cosmetic ingredient distribution business from Kyowa Hakko Europe GmbH", said Kenichi Nakamura, general manager of medical science department, Sumitomo Corporation. "I am confident that we can grow the business globally with Presperse and Cosmotec by gaining the excellent customer base through this deal and by supplying unique ingredients to the market in the future. I am hoping to grow the business together with the talented employees of Kyowa Hakko Europe who will join us."