[Asia Economy Reporter Park Soyeon] Citik is showing continuous strength following news that it has developed a manufacturing method for biodegradable plastic.
As of 10:22 AM on the 4th, Citik is trading on the KOSDAQ market at 13,700 KRW, up 3,150 KRW (29.86%) from the previous day.
It is a factoryless manufacturing company based on core competencies in planning, marketing, and research and development.
Established in 2001, it has been engaged in exporting cosmetic packaging. In 2008, through local expansion in the United States, it became the first in Korea to start a turnkey service business responsible for the entire process from product planning to the client’s final sales.
Its market capitalization is 265 billion KRW, ranking 379th on KOSDAQ.
The previous day, Citik’s Canadian subsidiary, 'Citik Bio Canada,' announced that it has developed technology to manufacture eco-friendly biodegradable plastic using discarded hemp, bio solids, and agricultural waste as main raw materials.
By utilizing this technology, plastics that overcome the drawbacks of existing biodegradable plastics can be produced. Using waste as raw materials reduces wastewater discharge, and byproducts can be used as compost.
Above all, the plastic is naturally decomposable, and the production cost can be lowered to about half the cost of existing biodegradable plastics, which is considered a major advantage.
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