Cosmax, founded in 1992, creates, develops and manufactures skin care, make-up and hair care products. It has 280 employees, three factories, and $6.06 billion South Korean won in capital, the equivalent of $5.68 million U.S. dollars.
CLEVELAND, Ohio -- Cosmax USA Corp., a South Korean cosmetics and skincare company, is moving into the former L'Oreal corporate offices and factories in Solon and will eventually employ more than 150 people there.
"Cosmax USA plans to occupy about 338,000 sq. ft. of space at 30501, 30601, and 30701 Carter St. to be used as a production facility," Peggy Weil Dorfman, economic development manager for the City of Solon, confirmed via email.
View full sizeL'Oreal USA's corporate offices in Solon will soon be home to Korean cosmetics and skincare company Cosmax USA Corp.Cosmax bought the property from L'Oreal USA Products Inc. last month for $7.3 million, according to the Cuyahoga County Fiscal Officer's website. Weil Dorfman said the city is working with the company on incentives that they hope to announce soon.
By 2015, "they expect to have 47 full-time employees and 99 part-time employees, as well as additional employees hired through temp agencies," she said.
Cosmax, founded in 1992, creates, develops and manufactures skin care, make-up and hair care products manufactured for and sold under international brand names. It has 280 employees, three factories, and $6.06 billion South Korean won in capital, the equivalent of $5.68 million U.S. dollars.
L'Oreal, based in Paris, announced two years ago that it was shutting down its Solon plant, moving its equipment to Kentucky and New Jersey, and cutting 260 jobs at that facility.
The site, where Arnold and Sydell Miller launched the very successful Matrix Essentials shampoo and conditioner, once employed as many as 1,400 people. Sydell Miller sold Matrix Essentials to Bristol-Myers Squibb in 1994, which in turn sold the company to L'Oreal in 2000.
L'Oreal still owns a distribution center in Streetsboro.
Cosmax's website said its motto is inspired by three apples that changed the world: Eve's apple, the apple of morality; Newton's apple, the apple of science; and Aphrodite's apple, the apple of beauty. Cosmax strives to be "an honest company, a company that beautifies the world, and that researches."