Cosmo First enters into JV in South Korea with Filmax Corporation

Cosmo First Ltd, a home-grown plastic film maker, on Wednesday said it is forming a 50-50 joint venture in South Korea with Filmax Corporation.

"The new entity is set to jointly introduce and scale multiple business verticals of Cosmo First in the South Korean market and take Filmax products into the global market through the former's various global arms," according to a joint statement.

The JV will leverage Cosmo First's technology, global supply chain, and expertise in innovative specialty and consumer films, chemicals and rigid packaging, and Filmax Corporation's brand equity in the South Korean market.

Cosmo Chairman and Managing Director Ashok Jaipuria said, "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."

Filmax Corporation Chairman Byung Ik Woo 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."