South Korean plasticware maker Lock & Lock Co. is likely to see sales in China jump 30 percent on-year this year as it continues to expand in the world’s most populous country, company officials said Friday.
The South Korean firm’s revenue from China is expected to grow to about 1.53 billion yuan (US$ 242 million) in 2012, up from 1.17 billion yuan last year, they said.
The company has production and sales facilities in six Chinese cities, including Shanghai, Beijing and Shenzhen. The South Korean company owns 100 percent of the stake in its China business.
Lock & Lock plans to start a test production of glass containers this month in China in a bid to meet growing Chinese demand for glass airtight containers.
Last year, the plasticware maker scrapped its plan to sell shares of its Chinese unit on the Hong Kong stock market, as holders of its shares on the Seoul bourse reacted negatively to the earlier announcement of the possible IPO.