VT GMP, Strategic Physical Division... Focused Growth Plan for Cosmetics and Future New Businesses

VT GMP announced on the 16th that it will spin off the laminating division ‘GMP’ to strengthen the capabilities of its core cosmetic business and focus on nurturing future new businesses such as hydrogen fuel cell power generation and next-generation batteries.

A VT GMP official stated, “In addition to the stable sales growth of our core cosmetic business, we decided to spin off the division to strengthen the hydrogen fuel cell power generation and next-generation battery businesses and to operate the division more efficiently. We plan to sell the spun-off division and will focus on solidifying management soundness such as financial health along with external growth through bold business restructuring.”

VT GMP’s cosmetic division, VT Cosmetic, has shown a high growth rate with a compound annual growth rate (CAGR) of about 33% over six years since its launch in 2017. Based on a competitive product lineup, it maximized sales growth by focusing on the Japanese market as well as the Chinese market, winning first place more than 70 times in various beauty platform awards in Japan. The company plans to focus on expanding its global market share based on new product launches such as the ‘Cica Retie Line’ and ‘Lidleshot Line.’

The company will also actively promote the hydrogen fuel cell power generation business as a new business. With the implementation of the ‘Clean Hydrogen Power Supply Obligation System (CHPS)’ scheduled for June, VT GMP plans to participate in bids for hydrogen fuel cell power generation projects. Based on Bloom Energy’s technology (SOFC), which has the highest power generation efficiency, the company expects to have strong competitiveness in the industry. If selected in the bid, it is expected to generate stable profits as one of the new growth engines.

Additionally, VT GMP is accelerating the commercialization development of lithium-sulfur batteries. Since the existing laminating division is engaged in the laminating film business used for battery separators, it was easy to diversify the technology held. In 2021, the company signed a technology transfer agreement based on two patents with the Korea Electrotechnology Research Institute and is focusing on research and development of commercialization technology based on this.

A VT GMP official said, “We have completed the development of pilot equipment for manufacturing lithium-sulfur electrode structures based on roll-to-roll technology, and various related experiments are progressing smoothly. From the end of 2023, when the related experiments are completed, we plan to prepare for drone mounting evaluation, which involves mounting lithium-sulfur batteries on drones to evaluate actual performance.”