We are pleased to announce that Stewart &Co. has successfully finalized a 50:50 joint venture agreement between Cosmo First, a multinational chemical company and Korea’s Filmax Corporation, a leading producer of packaging films.
Cosmo First, recognized as the world’s largest manufacturer of biaxially oriented polypropylene (BOPP) films with group revenues nearing USD 1 billion, will partner with Filmax, which generates close to USD 100 million annually through its globally competitive retort-grade cast polypropylene (CPP) products.
According to a joint statement, the new entity will introduce and expand Cosmo First’s business verticals in South Korea while simultaneously leveraging Cosmo’s global network to take Filmax products to international markets. The venture will combine Cosmo’s technology, supply chain strength, and expertise in specialty films, chemicals, and rigid packaging with Filmax’s established brand equity in Korea.
Cosmo Chairman and Managing Director Ashok Jaipuria commented: “By joining hands with Filmax Corporation, we merge global innovation with South Korean excellence. Together, we are confident of achieving ambitious growth, delivering superior value to customers across the globe, and setting new standards in specialty film solutions.”
Filmax Chairman Byung Ik Woo added: “Our partnership with Cosmo First is a major step toward not only reinforcing our leadership position in the region but also taking our expertise to the global stage.”
Stewart &Co., which began advising Filmax in 2023 as its sell-side advisor, played a pivotal role in navigating the complex negotiations. The firm employed creative deal structuring and persistent alignment on detailed terms to bring the parties to agreement. Stewart &Co. has also secured the mandate for Filmax’s eventual full exit.
“This difficult deal could not have been completed without Stewart &Co.’s relentless efforts,” said Mr. Byung Ik Woo.
