Signing of Business Agreement to Establish an Eco-Friendly Plastic Circulation System
On the 20th, at 'It's Magic,' the SK Magic brand experience space located in Gil-dong, Gangdong-gu, Seoul, Yoon Hak-jin, head of SK Magic Hwaseong Factory (left), and Bae Seong-chan, head of SK Geocentric Automotive Division, signed a business agreement to establish an eco-friendly plastic circulation system and took a commemorative photo.
[Asia Economy Reporter Kim Cheol-hyun] SK Magic and SK Geocentric have joined hands to establish a resource circulation system and expand the distribution of eco-friendly home appliances. SK Magic (CEO Yoon Yo-seop) announced on the 20th that it signed a Memorandum of Understanding (MOU) with SK Geocentric (CEO Na Kyung-soo) to build an eco-friendly plastic circulation system.
Through this agreement, SK Magic will take the lead in developing and expanding the distribution of eco-friendly home appliances, while collecting waste plastics continuously generated from discarded home appliances and water purifier filters to supply as raw materials for SK Geocentric's production of eco-friendly plastics.
SK Geocentric, which possesses core technologies for manufacturing recycled plastics, will be responsible for material development and supply, and plans to continuously provide high-quality recycled plastics necessary for the production of eco-friendly home appliances to SK Magic.
Additionally, both companies aim to establish a 100% recycling system by 2024 that converts all waste plastics generated from collected home appliances into eco-friendly plastics. They will actively cooperate in joint research and development (R&D) for the development and application of eco-friendly materials, as well as information exchange to expand the eco-friendly market.
Yoon Hak-jin, Head of Production and Factory Manager at SK Magic Hwaseong Plant, said, "This is an opportunity to proactively establish a sustainable plastic circulation system and create an ecosystem for eco-friendly value consumption." He added, "We expect to leverage the core competencies of both companies to create synergy and achieve mutual growth."
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