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Each company will have 50/50 ownership of the joint venture. SKGC will bring marketing capabilities related to market development, strategy, and sales to the venture while PureCycle will provide their patented purification recycling technology / IP and contribute technical capabilities. PureCycle is uniquely capable of removing odors, colors and other contaminants from PP waste feedstock and transforming it into an Ultra-Pure Recycled ("UPR") resin that can be continuously reused. PureCycle is close to completing its first purification plant in Ironton, Ohio, and broke ground on a second recycling facility in Augusta, Georgia earlier this year

PureCycle Technologies, Inc. and SK geo centric Invest in Building First Polypropylene Recycling Plant in Asia

SK geo centric ("SKGC"), a South Korean-based global leader in polypropylene ("PP") production, and PureCycle Technologies, Inc. (NASDAQ: PCT) ("PureCycle") signed a joint venture agreement ("JVA") to operate the first Polypropylene recycling plant in Asia. SKGC will make a joint investment with PureCycle to build a plastic recycling plant in Ulsan, South Korea with an annual capacity of up to 60,000 tons

By AP News
Published - Oct 20, 2022, 11:50 PM ET
Last Updated - Apr 22, 2024, 02:03 PM EDT
  • SKGC and PureCycle signed an agreement to create a joint venture on October, 20 2022. The signing ceremony was attended by Na Kyung-soo, CEO of SKGC, and Dustin Olson, CEO of PureCycle
  • With 50/50 ownership, the two companies will jointly invest in constructing a Polypropylene ("PP") purification plant in Ulsan, South Korea with an annual capacity of up to 60,000 tons
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