The beauty division of the packaging juggernaut has signed a share purchase agreement to buy the 7,000 m2 facility near Moscow from Tubapak. The space will be used exclusively to manufacture plastic tubes for the cosmetics and personal care markets. Booming Russian market It is the first acquisition the company has made in Russia and comes at a time when the beauty market is booming. The retail value of the Russian cosmetics and toiletries market has increased 106.3 percent at current prices between 2002 and 2007 to $11.6bn (RUB269.5bn), according to Euromonitor. "This acquisition will enable us to meet existing supply contracts and, as we increase the plant's capacity, to grow in this region", said Francois Luscan, the president of Alcan Packaging Global Beauty. Company growth strategy Alcan Packaging said the purchase will help the firm pursue its strategy of serving its customers in Russia and Eastern Europe as they develop new products and enter new markets. "This acquisition illustrates our growth strategy," said Ilene S. Gordon, president and CEO, Alcan Packaging. "It will enable us to significantly increase our capability in the attractive Central and Eastern European markets, allowing us to develop a competitive industrial base from which to better serve our customers." The Russian acquisition is not the only major move Alcan has made of late in the emerging markets. Last month the company opened a $10m flexible packaging plant in Northern India to build its presence in the fast growing food and cosmetics markets in the country.