Sumitomo Corp. and its wholly-owned subsidiary Sumitomo Corp. of America (SCOA), jointly known as Sumitomo, have entered into an agreement to acquire Presperse LLC. In 2007, Sumitomo acquired a 20% minority interest in Presperse, as previously reported by Cosmetics & Toiletries magazine.
By increasing its overall investment in the company, Sumitomo plans to expand its presence in the global cosmetics market and expects Presperse will grow in regions such as Central and Eastern Europe, Latin America, China and Southeast Asia, as well as Japan. The core businesses of Sumitomo include: life science, medical science, pet care and agrochemicals.
Greg Torchiana will remain president and CEO of Presperse. Former owners Jeanette Black and Stuart Axelrod will become chairman emeritus and senior executive advisor of the company, respectively.
In addition to its existing technologies and ingredients, Presperse plans to tap into Sumitomo’s strengths in the bio-venture and pharmaceuticals industries to begin offering new technologies and product lines for the skin care market. The acquisition reportedly will provide Presperse with an enhanced R&D laboratory and IP strategy, enabling the company to offer advanced active ingredient technologies to the cosmetics market through collaboration with the life science division of Sumitomo, located in Tokyo.