Lotte Chemical-Kolmar Holdings-Yeonwoo, MOU for Development and Application of Recycled Material Containers

Hwang Jin-gu, Head of Basic Materials Business at Lotte Chemical (left in photo), Ahn Byung-joon, CEO of Kolmar Holdings (second from left in photo), and Park Sang-yong, CEO of Yeonwoo (third from left in photo) are taking a commemorative photo for the MOU signing. Photo by Lotte Chemical

Lotte Chemical, a domestic chemical company, Yeonwoo, a cosmetics container manufacturer, and Kolmar Holdings have decided to join forces for eco-friendly living for their clients and end consumers.

On the morning of the 11th, at Kolmar Comprehensive Technology Institute in Naegok-dong, Seocho-gu, Lotte Chemical's Basic Materials Business Head Hwang Jin-gu, Kolmar Holdings CEO Ahn Byung-jun, and Yeonwoo CEO Park Sang-yong attended and announced the signing of a Memorandum of Understanding (MOU) for the development and application of recycled material containers.

The three companies attending the signing ceremony agreed to collaborate on developing eco-friendly cosmetic packaging using Lotte Chemical's recycled materials PCR-PP (Polypropylene) and PCR-PE (Polyethylene), amid the growing spread of ESG management and consumption. They will jointly implement ▲collaboration on eco-friendly package product development ▲stable supply of recycled PE and PP resins (PCR) ▲application and expansion of eco-friendly cosmetic packaging uses.

Lotte Chemical expects that through cooperation with Kolmar Holdings and Yeonwoo, it will quickly identify the demand for recycled raw materials and eco-friendly products, contributing further to ESG management by developing packaging that meets customers' eco-friendly product requirements.

Kolmar Holdings and Yeonwoo anticipate that cooperation with Lotte Chemical will play an important role as one of the measures to practice ESG management and lead the eco-friendly cosmetic packaging market.

Hwang Jin-gu, Head of Basic Materials Business at Lotte Chemical, said, “We will strive to supply recycled materials tailored to the characteristics of each industry such as cosmetics, food, and packaging bags through various material product grades,” adding, “We will proactively identify resource circulation trends tailored to customers and expand high value-added material business through related technology development and product expansion.”

Ahn Byung-jun, CEO of Kolmar Holdings, said, “Through the cooperation of the three companies, efforts to develop and activate eco-friendly cosmetic packaging will become an opportunity to practice sincere ESG management and achieve mutual growth.”

Park Sang-yong, CEO of Yeonwoo, said, “Through this MOU with Lotte Chemical, we have secured a stable supply base for eco-friendly cosmetic container materials and established a new foothold to target the global market.”

Since early this year, Lotte Chemical has built cooperative relationships with Pulmuone, Samsung Welstory, 7-Eleven, and LG Household & Health Care, planning to supply and produce recycled materials used in food containers and cosmetic packaging.

Meanwhile, Lotte Chemical announced 'Every Step for GREEN' last year and is currently operating a plan to increase the scale of its eco-friendly recycled material business to over 1 million tons by 2030, while systematically managing the economic, environmental, and social impacts and risks throughout the entire process from raw materials to sales, use, and disposal.

This content was produced with the assistance of AI translation services.