Sumitomo Corporation and its wholly-owned subsidiary Sumitomo Corporation of America, have entered into an agreement to acquire Presperse LLC, a formulator and distributor of specialty ingredients and formulated solutions for the cosmetic and personal care markets.
A purchase price was not disclosed.
According to Sumitomo, the move expands its presence in the global cosmetics market. Furthermore, it will enable Presperse to grow in international markets such as Central and Eastern Europe, Latin America, Southeast Asia and Japan.
Presperse's leadership team will, for the most part, remain the same: Greg Torchiana is president and CEO, Jeanette Black is chairman emeritus and Stuart Axelrod is senior executive advisor.