Korea Kolmar Lowers Rent for Tenant Partner Companies at Business Sites

[Asia Economy Reporter Yujin Cho] Korea Kolmar, a cosmetics and pharmaceutical original design manufacturing (ODM) company, announced on the 13th that it will participate in the "Good Rent" campaign, which reduces rent by 30% for three months to support partner companies struggling due to the prolonged COVID-19 pandemic.

The rent reduction applies to partner companies residing in Korea Kolmar's Bucheon plant, using its facilities and equipment. The Bucheon plant manufactures color cosmetics such as lipsticks, powders, and sun sticks, and partner companies participate in manufacturing by subcontracting product packaging processes.

Korea Kolmar decided to reduce rent considering that the normalization of mask-wearing and the decrease in demand for color cosmetics due to COVID-19 have led to reduced production volumes, increasing the burden of fixed costs day by day.

With this reduction, partner companies will be able to ease the burden of fixed costs from March to May. Korea Kolmar plans to review additional support and extensions depending on the progress of the COVID-19 situation.

A Korea Kolmar official said, "The decision to reduce rent was found as a way to coexist with each other in an unexpectedly difficult environment caused by COVID-19," adding, "We will do our best to share each other's burdens through various measures and overcome difficulties together with a highly trustworthy cooperative relationship."

Meanwhile, as part of its win-win activities with partner companies, Korea Kolmar holds the "Ubocheonri Win-Win Dream Academy" annually, providing insufficient educational infrastructure and supporting educational activities.

This content was produced with the assistance of AI translation services.