TOKYO, April 1, 2019 /PRNewswire/ -- Sumitomo Corporation ("Sumitomo") together with SACI – CFPA ("SACI"), announced today that Sumitomo has acquired 90% ownership of the Paris, France-based cosmetic ingredients distributor. This is a strategic growth move for Sumitomo's personal care business, which has a global distribution network throughout the U.S., Latin America and Europe.
Established in 1980, SACI distributes ingredients to cosmetic manufacturers, develops formulations and provides solutions to its customers, acting as one of the largest distributors of its kind that deals exclusively with cosmetic materials. SACI provides ingredients to over 300 companies throughout Europe including large French multinationals. The company's product portfolio is heavily composed of naturally derived materials, which are in especially high-demand throughout this market.
According to data available from the European Personal Care Council, Europe's cosmetics market accounts for nearly €78 billion in sales and is among the largest in the world, along with that of North America. With France's role as a major hub for beauty care and skin care, the European market is expected to grow at an average rate of 3% annually. Much of this is attributed to the popular global cosmetic brands that are based here.
Sumitomo has steadily invested in the personal and beauty care industry through the company's acquisitions of Presperse Corporation in the U.S., Cosmotec in Brazil and Summit Pharmaceuticals Europe, the cosmetic business line of Kyowa Hakko Europe. The recent acquisition of SACI expands Sumitomo's business in the European market and will provide quality cosmetic ingredients and technologies from various regions of the world. Sumitomo will work to integrate SACI into its current cosmetic distribution network, harnessing the synergy of each company's product portfolio, R&D and formulation knowledge, as well as regulatory expertise. Ultimately, these efforts will enhance the operations and sales opportunities for each company throughout their respective regions.
From texture and sensory trends to sophisticated antiaging solutions, Sumitomo Corporation plans to position its business to accommodate the demands from each region and meet the needs of personal care consumers around the world. Through operational excellence, innovation connections and demonstrated performance, Sumitomo's personal care group companies aim to deliver exceptional global service with dedicated regional support.
About Sumitomo Corporation
Sumitomo Corporation is a leading global trading company with 131 locations in 66 countries and 22 locations in Japan. The entire Sumitomo Corporation Group consists of over 900 companies with nearly 70,000 personnel and over $68 billion in total assets. The business is continuously expanding into a diverse range of products and services. Its core business units are Metal Products, Transportation & Construction Systems, Environment & Infrastructure, Media, Network, Lifestyle Related Goods & Real Estate, Mineral Resources, Energy and Chemical & Electronics.
SOURCE Sumitomo Corporation of Americas