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SKC teams up with Eastman to branch out into global recyclable plastic market
Collected
2021.07.15
Distributed
2021.07.16
Source
Go Direct

SK Group’s material development arm SKC Ltd. will partner with U.S.-based chemical company Eastman Chemical to ramp up its eco-friendly plastic packaging materials business in North America and Europe.


SKC announced on Tuesday it has signed a license agreement and a memorandum of understanding with Eastman Chemical to build an eco-friendly plastic ecosystem.


Under the agreement, SKC will provide Eastman access to its self-developed Ecolabel technology for a period of 20 years, a move that is expected to help the Korean company’s plastic recycling technology make inroads into the PET bottle packaging materials market in North America and Europe.



“The partnership with Eastman will serve as a foothold for SKC’s expansion into the global market. We will work together with Eastman to build an eco-friendly ecosystem and achieve a net zero plastic footprint,” said an official at SKC.


SKC’s Ecolabel is the world’s first completely recyclable PET bottle labelling material. The label can be recycled along with PET bottles by simply washing away the printed part with water. In recognition of its innovative technology, SKC has been named “Innovator of the Year” by the U.S. Association of Plastic Recyclers in 2019.


Shares of SKC are trading up 4.08 percent at 166,000 won ($144.75) in the morning session of Thursday.

By Won Ho-sup and Lee Soo-min

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]