PRNewswire
New Delhi [India], November 14: Cosmo First Limited, a leading global conglomerate into multiple businesses (including Specialty/Consumer Films & Chemicals, Rigid Packaging, and Petcare) has entered a strategic 50-50 joint venture with Filmax Corporation, a renowned South Korean Films & Chemical Company with strong local market equity. The new entity is set to jointly introduce and scale multiple business verticals of Cosmo First into the South Korean market and take Filmax products into the global market through the former's various global arms.
Partnership Highlights
- The JV will leverage:
- Cosmo First's cutting-edge technology, global supply chain, and proven expertise in innovative specialty & consumer films, chemicals and rigid packaging, and
- Filmax Corporation's robust brand equity, market reach and consumer loyalty in the South Korean market
- Both partners will share an equal equity stake, reflecting their commitment to long-term growth and shared value creation.
- The JV will deliver enhanced products for manufacturers and brand owners, benefitting from local insights and global best practices.
Mr. Ashok Jaipuria, Chairman and Managing Director, Cosmo First, commented on the occasion: "This collaboration marks an exciting new chapter for Cosmo First. By joining hands with Filmax Corporation, we merge global innovation with South Korean excellence. Together, we are confident of achieving ambitious growth, delivering superior value to customers across the globe, and setting new standards in specialty film solutions."
Speaking on the joint venture, Mr. Byung Ik Woo, Chairman, Filmax Corporation, said, "Our partnership with Cosmo First is a major step toward not only reinforcing our leadership position in the region but also taking our expertise to the global stage. By combining Cosmo First's proficiency in innovative specialty films and chemicals with our robust market presence and reach in South Korea, we aim to set new industry benchmarks. We look forward to driving this impactful and value-driven association."
About Cosmo First Limited
Founded in 1981 by Mr. Ashok Jaipuria, Cosmo First today has 5 businesses, including 2 in consumer vertical (digital-first omni channel Zigly Petcare and Cosmo Consumer into Window Films, Paint Protection Films & Ceramic Coatings for automobiles) and 3 in industrial vertical, including Cosmo Films (into specialty BOPP, CPP and Polyester films), Cosmo Plastech (thin wall containers & sheets) and Cosmo Specialty Chemicals (Coatings, Adhesives and Masterbatches). Cosmo Films has been the pioneer of specialty BOPP films in India and is currently the largest business for Cosmo First, serving customers in over 100 countries. The other four businesses are relatively newer businesses (all started post Covid) and in the process of being scaled up.
About Filmax Corporation
Filmax Corporation is a flexible packaging manufacturer based out of South Korea. In 1971, Filmax produced cellophane for the first time in Korea and soon expanded to packaging materials such as BOPP (in 1974), CPP, SPP (biaxial stretching, non-stretch, shrinkable) films. With CY24 sales hovering around USD 70 million, Filmax enjoys strong brand equity in the South Korean market for the last five decades.
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