Amorepacific Group will sell 60 percent stake in wholly owned packaging subsidiary Pacific Package to French firm Autajon as the South Korean beauty giant turns more aggressive in seeking new markets and partnership amid sagging presence in its primary market of China.

Amorepacific will retain 40 percent stake in Pacific Package.

Stake price and other details were not disclosed.

Amorepacific Group stock rose 0.45 percent to 33,200 won ($23.89), as of 11:17 a.m. in Seoul, Tuesday.

Pacific Package, based in Cheonan, Korea, runs an integrated production line for cosmetics packaging and premium shopping bags, from paper purchase to printing, laminating and adhesion. It came under Amorepacific in 2010. It established a strategic partnership with Autajon in 2015.

Amorepacific said its sale of Pacific Package stake to Autajon is to further strengthen its business ties. It hopes to explore new business opportunities through Autajon.

By Pulse

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