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GS Caltex spurs global white-bio business with Summit Cosmetics

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GS Caltex's Head of R&D Center Kwon Young-woon, left, poses with Summit Cosmetics President and CEO Koh Akiyama after signing a memorandum of understanding to cooperate on expanding their white-bio businesses in the global cosmetics market, at Summit Cosmetics' office in Tokyo, Japan, Wednesday. Courtesy of GS Caltex

GS Caltex's Head of R&D Center Kwon Young-woon, left, poses with Summit Cosmetics President and CEO Koh Akiyama after signing a memorandum of understanding to cooperate on expanding their white-bio businesses in the global cosmetics market, at Summit Cosmetics' office in Tokyo, Japan, Wednesday. Courtesy of GS Caltex

By Ko Dong-hwan

GS Caltex is expanding its global cosmetic ingredients business by signing a new partnership with Summit Cosmetics in Japan, the major Korean refiner said Thursday. Both companies are betting on the white-bio industry, which replaces the conventional use of chemicals with natural renewable resources, according to the Korean energy and chemical company.

Kwon Young-woon, head of GS Caltex's R&D Center, met Summit Cosmetics President and CEO Koh Akiyama at the Japanese company's office in Tokyo, Wednesday, and signed a memorandum of understanding (MOU) to cooperate on expanding their white bio businesses in the global cosmetics market.

A key agreement from the MOU was to complete Summit Cosmetics' future products with GS Caltex's GreenDiol, a brand for 2,3-Butanediol (an organic compound and a key cosmetic ingredient) for which the Korean firm has developed the world's first technologies to mass-produce it. The Korean company said that 2,3-Butanediol is an effective solvent that keeps skin moist, evenly spreads anti-inflammation agents and vitamins and allows smoother application.

By supplying GreenDiol to Summit Cosmetics, GS Caltex can take advantage of the global networks of not just the Japanese firm but also its mother company Sumimoto Corp., a multinational general trading company. Their business networks include countries in the Americas and Europe.

Summit Cosmetics plans to gain approval from Japan's Pharmaceuticals and Medical Devices Agency for the use of GreenDiol in Japan, according to GS Caltex. The approval is expected to boost GreenDiol's use in Japan's cosmetic market as well as local products for functional cosmetics such as wrinkle solutions and skin whitening.

"The latest MOU will accelerate GreenDiol's global market expansion," Kwon said. "It's GS Caltex's mission to lead the world's white-bio industry and discover new businesses within the industry."

Prior to the MOU, GS Caltex had been investing in securing its supply network for GreenDiol since 2019. Last year, the brand's exports to North America, Europe and Japan jumped 160 times from 2019.

GreenDiol is a result of GS Caltex's Deep Transformation campaign that focuses on expanding the company's businesses to the digital and green sectors across its value chains.

Ko Dong-hwan aoshima11@koreatimes.co.kr


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