SEOUL - LG Chemical spun off its LG Household & Health Care division, and Cheiljedang did the same with its CJ Enprani.

Both companies will hold a press conference following personnel reshuffle this week to unveil their future business visions.

LG Household & Health Care already holds second place in the cosmetics market, coming in just behind Pacific.

Last year, it recorded 360 billion won (US$268.5 million) in sales, and this year it hopes to gross 430 billion won ($320 million).

The company will also concentrate on building up one major brand with name recognition and global management. At present, it produces 18 of the 46 functional cosmetics approved by the Korea Food and Drug Administration.

CJ Enprani, which has a relatively small market share with 38.4 billion won ($28.6 million) in sales last year, will aggressively target the cosmetics market through the spin off.