News Corp reports that it has secured a £50 million investment to create a new “world class packaging factory” in the UK to produce the next generation of cosmetics for “cosmetic” brands.
The investment, announced in the company’s latest quarter, will help to expand the UK’s cosmetics market and “enhance the quality of the cosmetics market globally.”
News Corp reports: The UK’s ‘Sustainability’ category has been in the news recently as a result of the UK Government’s decision to cut its environmental footprint by half by 2020.
As part of the initiative, the government announced plans to phase out the use of plastic bags and replace them with “sustainable packaging” from 2019.
However, the Government has now announced a further £50m investment to help boost the UK cosmetics industry.
According to News Corp, the investment is aimed at building the next-generation “world-class packaging factory,” which will create “a world-class supplier for the cosmetic industry.”
In a press release, News Corp stated: We are proud to be a part of a new global effort to build the next world-leading packaging factory for cosmetics and are delighted to have secured this funding.
“This investment will enable us to invest in a new world-famous supplier to the cosmetic sector that will bring the next level of excellence to the UK market,” said Paul Taylor, Chief Executive Officer of News Corp. “We are delighted that the UK government is taking an important step in the right direction towards protecting our environment.”
News Corp has partnered with the UK-based cosmetics industry group, G3, to create the new factory.
The partnership will also see the company develop new packaging technologies and products that “will enhance the quality and safety of the cosmetic and fragrance industries.”
The company added: G3’s new partnership will deliver on our vision to transform the cosmetics and fragrance industry, which is vital to our global growth.
It will be up to the new manufacturing facilities to design and manufacture new packaging products and new products to be distributed by News Corp in the United Kingdom.
News Corp said: “With the UK becoming the largest market in the world for cosmetics, we are delighted with the Government’s commitment to bring about significant sustainability gains, which will help drive growth for the cosmetics industry in the years to come.”
With a new manufacturing facility being established in the U.K., News Corp is confident that the company will have the necessary infrastructure to create new cosmetics that will help “enrich our world”.
“The new facility will have a significant capacity to produce new and innovative packaging products that are made in-house,” said Mark Ritchie, Chief Marketing Officer at News Corp UK.
News Corporation has already received approval from the U,K.
government to sell cosmetics directly to the public in the country.
The company said: “Our products are well-loved and have been endorsed by more than 100,000 people worldwide.
The new facility should be able to provide this level of expertise and support in a fast-changing global marketplace.”