SK Chemical Enters Plastic Waste Recycling Business in Guangdong Province, China

SK Chemicals announced on the 19th that it has signed a Memorandum of Understanding (MOU) with Shanghai Yuekun (business brand Lovely), a leading waste recycling company in Shanghai, China, to jointly develop a waste plastic recycling business in Guangdong Province, China.

SK Chemicals announced on the 19th that it has signed a memorandum of understanding (MOU) with Shanghai Yuekun, a leading waste recycling company located in Shanghai, China, to jointly develop a waste plastic recycling business in Guangdong Province, China. Jae-Hyun Ahn, CEO of SK Chemicals (left), Xuefeng Chen, CEO of Lovely

Lovely is a subsidiary of ATRenew, an electronic device collection and recycling company listed on the New York Stock Exchange, and is a leading company in the collection and sorting of household waste. Currently, it collects and recycles 420,000 tons of household waste annually across 37 cities in China.

SK Chemicals plans to develop a waste plastic collection and sorting business with Lovely in Guangdong Province, where its circular recycling plant is located. The two companies plan to secure waste PET, the raw material for circular recycling, through joint investment.

China is one of the countries that produces the most waste plastic in the world and is expected to be the largest consumer of circular recycling raw materials. SK Chemicals pursued this cooperation with the goal of protecting the global environment in China, which will be the main base for waste plastic.

It is expected that the combination of SK Chemicals' circular recycling technology, China's abundant resources, and Lovely's systematic collection and sorting will contribute to reducing carbon emissions and solving waste problems. The global recycled plastic market size is projected to reach 600 trillion KRW by 2050.

SK Chemicals plans to transform into a company that can provide plastic recycling solutions to global manufacturers and brands through the establishment of recycling clusters and digital solutions.

Ahn Jae-hyun, CEO of SK Chemicals, said, "As global environmental regulations are increasingly strengthened, circular recycling technology is not a choice but a necessity," adding, "We will not stop at being a company that simply produces recycled plastic materials but will become a company that takes the lead in solving environmental problems facing the Earth through the realization of a complete circular system."

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