SUN&L to wind down New Zealand unit, refocus on lifestyle beauty packaging

SUN&L is accelerating a portfolio restructuring after deciding to liquidate its New Zealand subsidiary.

SUN&L announced Wednesday that the board of its New Zealand subsidiary, SUN&L New Zealand Limited (SLNZ), voted Tuesday to dissolve the unit to improve operational efficiency. SLNZ will proceed with the liquidation process in accordance with local law. The company filed a voluntary disclosure on the dissolution the same day.

The move is part of a broader strategy to shift away from timber manufacturing and retail toward lifestyle beauty products, including household goods and cosmetics containers. SUN&L plans to redirect the capital and resources freed up by divesting non-core overseas assets into its core packaging business.

Founded in 2013, SLNZ operated tree plantations, logging and trading businesses. Over roughly 13 years, it posted cumulative revenue of about NZ$203.3 million and cumulative net profit of about NZ$12.06 million. It returned approximately NZ$21.42 million to the parent company through dividends and capital reduction.

As of end-December 2025, SLNZ held total assets of approximately 3.45 billion won ($2.34 million), equivalent to 0.73 percent of SUN&L's consolidated total assets of 473.2 billion won.

"The New Zealand unit fulfilled its role over 13 years by returning more than the original investment through dividends and capital reduction," a SUN&L official said. "This liquidation is not a retreat — it is a deliberate choice to concentrate on becoming a global lifestyle beauty packaging company."