LG Household & Health Care sells Hangzhou factory in China for 17.9 billion KRW to streamline production facilities
[Asia Economy Reporter Seungjin Lee] LG Household & Health Care is selling its Hangzhou factory in China. This is to operate the production facilities in China more efficiently.
According to LG Household & Health Care on the 20th, it will sell all shares of Hangzhou Luojin Cosmetics Co., Ltd. for 17.9 billion KRW within this month. The Hangzhou factory has been producing cosmetics and daily necessities sold locally in China.
Established in 1994, the Hangzhou factory is a cosmetics production plant owned by Hangzhou Luojin Cosmetics Co., Ltd., a subsidiary 100% owned by LG Household & Health Care. Existing products previously produced at the Hangzhou factory will now be produced at the Guangzhou factory.
LG Household & Health Care established a Beijing factory in 1997 and acquired the Guangzhou factory from the U.S. cosmetics brand Avon in 2019.
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An LG Household & Health Care official explained, "The sale is due to concentrating cosmetics production at the Guangzhou factory and daily necessities at the Beijing factory to optimize production capacity in China."
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