Quadpack Group manufacturing partner Yonwoo Korea has entered the Seoul Stock Exchange. The listing raised 60,623,136,000 won (€48.7m), which will be destined to support its long-term growth plans, as it seeks to enter new markets and make substantial investments in research and development.
Yonwoo listed on 2 November, under the symbol of '115960' on the Korea Securities Dealers Automated Quotations Stock Market. The company issued 2,405,680 shares through its initial public offering, at a share price of 25,200 won.
Quadpack Group CEO Tim Eaves said: "Since its foundation in 1983, Yonwoo has been leading the field in cosmetic packaging innovation. And since our foundation in 2003, we have been helping Yonwoo introduce its innovations in Europe, Australia and New Zealand, many of which – like its airless systems – have set the industry standard. We are proud to have grown alongside such a pioneering company and we're delighted that, guided by the strong leadership of James Ki, they are now entering a whole new phase of growth,".
The capital injection will allow Yonwoo to strengthen its financial structure and advance its research and development. The latter will place an emphasis on cosmetic dispenser technology and next-generation convergence, especially beauty products integrating IT functionality.
In addition, it aims to move beyond the cosmetic industry, into the pharmaceutical and household goods markets, where it sees a real use for its products.