November 21, 2024

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From left: Egnis CEO Park Chan-ho, Oklahoma Department of Commerce Executive Director Evan Brown and Xolution CEO Marc Von Rettberg, pose during a business signing ceremony held at The Shilla Seoul, on Tuesday. (Egnis)

Lifestyle brand developer Egnis announced Wednesday that it began partnership with the Oklahoma government in hopes to expand its German subsidiary Xolution's resealable can business in the US.

The business agreement signing ceremony held Tuesday at The Shilla Seoul, was attended by Park Chan-ho, CEO of Egnis, Evan Brown, executive director of the Oklahoma Department of Commerce’s Economic Development, Growth and Expansion division and Marc Von Rettberg, CEO and managing director at Xolution. The agreement was spearheaded by Oklahoma Gov. Kevin Stitt.

"We look forward to partnering with innovative companies like Xolution and will actively support Ignis and Xolution in the United States." Brown said.

Egnis acquired Xolution, a company known for its innovative reclosable can cap, in 2022. This cap addresses the issue of canned drinks that are challenging to carry after opening.

Xolution's retractable can lid is increasingly making its mark in the liquor market with some of the world's leading wine and beer producers choosing Xolution products for their labels, citing their portability, according to Egnis.

To meet such rising demand, Xolution is expanding its production facilities.

Currently, operations that have been spread between the Czech Republic and Germany's Bremen are being consolidated into the Munich region, allowing for increased production capacity. Following the consolidation, the annual production scale will rise from 120 million units to 800 million units. The goal is to reach 8 to 9 billion units by 2029, the company said.

As the largest beverage market in the world, the US accounts for 80 percent of Xolution's product sales, prompting the company to explore the possibility of establishing a local factory there.

"The Oklahoma government's visit to Korea, which I understood was solely for the signing ceremony with Egnis, I sensed their sincerity and commitment to collaborate with us," Park said. "Partnering together will significantly enhance the global growth potential of Xolution."

By Kim Hae-yeon (hykim@heraldcorp.com)