ID :
190833
Fri, 06/24/2011 - 10:36
Auther :
Shortlink :
https://oananews.org//node/190833
The shortlink copeid
KT&G signs deal to take over local cosmetics firm
SEOUL, June 24 (Yonhap) -- KT&G Corp., South Korea's largest tobacco manufacturer, said Friday that it signed a deal to buy a local cosmetics firm in a bid to diversify its revenue sources.
The takeover of Somang Cosmetics Co., which owns the oriental medicine skincare Danahan brand, will help KT&G secure new revenues and diversify its business portfolio, it said.
The tobacco manufacturer did not reveal the value of the contract.
KT&G has some lucrative affiliates under its wing, including Korea Ginseng Corp., which has been fast improving its bottom lines on the back of soaring consumer appetite for Korean ginseng abroad.
Somang Cosmetics, founded in 1992, posted an operating income of 11.1 billion won (US$10.3 million) on sales of 122 billion won last year.
Shares of KT&G closed at 65,700 won on the Seoul bourse on Friday, up 0.92 percent.
sam@yna.co.kr
The takeover of Somang Cosmetics Co., which owns the oriental medicine skincare Danahan brand, will help KT&G secure new revenues and diversify its business portfolio, it said.
The tobacco manufacturer did not reveal the value of the contract.
KT&G has some lucrative affiliates under its wing, including Korea Ginseng Corp., which has been fast improving its bottom lines on the back of soaring consumer appetite for Korean ginseng abroad.
Somang Cosmetics, founded in 1992, posted an operating income of 11.1 billion won (US$10.3 million) on sales of 122 billion won last year.
Shares of KT&G closed at 65,700 won on the Seoul bourse on Friday, up 0.92 percent.
sam@yna.co.kr
