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AmorePacific to spend 110 bln won on 3rd overseas plant

All Headlines 14:04 September 05, 2016

SEOUL, Sept. 5 (Yonhap) -- AmorePacific Co., South Korea's top cosmetics maker, on Monday said it plans to spend 110 billion won (US$99.3 million) on the construction of a plant in Malaysia, its third overseas, as part of efforts to tap deeper into the Southeast Asian region.

The company said it is working to find a site for the plant, whose construction is expected to be completed by 2020.

AmorePacific currently has an overseas plant in France and another in China.

"It is growingly important to secure another overseas plant, and we will make efforts to expand our presence in the ASEAN market," the company said.

AmorePacific CEO Suh Kyung-bae earlier said the company will expand into Southeast Asia, India and the Middle East, and march through Europe.

Founded in 1945, AmorePacific has leveraged the growing popularity of Korean pop culture to become an icon of the K-beauty boom on the back of its stellar performance in China.

AmorePacific to spend 110 bln won on 3rd overseas plant - 1

sam@yna.co.kr
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