Blackstone has engaged Citigroup to prepare for a potential sale of ShyaHsin Packaging, reported Bloomberg, citing sources.
The private equity company is aiming for a valuation of at least $1bn in any potential deal, according to individuals who requested anonymity as the discussions remain confidential.
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The sale process could begin later this year.
Interest in ShyaHsin has come from other private equity investors and sector companies, according to the same sources.
However, Blackstone has not made a final decision and may opt to retain its holding for the time being.
Spokespeople for both Blackstone and Citigroup declined to comment.
ShyaHsin Packaging manufactures a range of packaging products used in the beauty sector such as containers for colour cosmetics, skincare items, and fragrances.
Its production facilities are located in China and Mexico. Blackstone acquired ShyaHsin in 2017 for an amount reported to be between $800m and $900m.
Earlier this year, Mergermarket reported that Blackstone was reviewing options for a sale and had held talks with Goldman Sachs Group regarding possible buyer interest.
ShyaHsin Packaging was included on the 2025 CDP (Carbon Disclosure Project) A List, achieving A ratings in Climate Change and Water Security for a second consecutive year.
The company’s product range includes brow products, compacts, cushions, lip glosses and concealers, lip and pan sticks, loose powder jars, mascaras, and mechanical pens.
