Beauty platform company CTK announced on the 21st that its subsidiary CTK Bio Canada has signed an MOU with LG Chem for the 'Development and Supply of Eco-friendly Biodegradable Materials.'
The agreement ceremony took place at LG Chem's headquarters in Seoul, where they agreed to commercialize various products by integrating eco-friendly technologies. Discussions were held regarding cooperation in sales and marketing in the North American region.
The product that CTK Bio and LG Chem are collaborating on is a biodegradable polymer material called COMPOSTFUL™. LG Chem is establishing a COMPOSTFUL™ production plant in Seosan, Chungcheongnam-do, with an annual capacity of 50,000 tons to respond to the market in the sustainable materials sector. The plant is scheduled to begin operations next year.
CTK Bio was established in 2020 to supply materials that replace conventional plastics. It developed a new biodegradable material based on PBAT called 'Earth Edition.' While PLA, a biodegradable plastic, requires industrial composting facilities for complete decomposition, Earth Edition is characterized by decomposing in natural conditions without leaving waste, residues, or microplastics. Another strength is that existing plastic manufacturing plants can immediately produce various eco-friendly products without the need for separate equipment replacement.
They are accelerating the supply, marketing, and sales of eco-friendly materials in the North American region. JK Park, CEO of CTK Bio, said, "By mutually cooperating with CTK Bio's eco-friendly technology, LG Chem's supply of COMPOSTFUL™ materials, and marketing supply chain assets, we will further accelerate the expansion of sales in North America."
He added, "We also plan to promote joint projects to develop solutions for new materials that can meet changes in the global eco-friendly market."
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