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SEONGNAM, South Korea, March 16, 2023 /PRNewswire/ — SK Chemicals accelerates global market entry and business expansion with world’s first 70,000 MT chemically recycled BHET (r-BHET) production systems and Chemically recycled PET (CR-PET) of 50,000 MT.
SK Chemicals announced on the 6th that it held a board meeting and signed an asset transfer agreement related to Shuye’s chemically recycled BHET and chemically recycled PET business division, a Chinese company specializing in green materials. The acquisition price for this deal is approximately $100 million.
SK Chemicals’ acquisition of Shuye assets includes a depolymerization plant that chemically breaks down waste plastics to produce recycled BHET and a CR-PET production plant that uses the r-BHET produced here to re-manufacture PET , which can be sold separately. As a result, SK Chemicals has secured the world’s first commercially available chemically recycled polyester feedstock and production facility, which can be sold separately.
Through the acquisition of Shuye’s assets, SK Chemicals has obtained a commercial production system for chemically recycled BHET and products using depolymerization technology approximately 1-2 years earlier than other domestic companies. By producing recycled plastic raw materials such as PET waste in China, where there is an abundant supply, SK Chemicals is expected to gain a high level of price competitiveness.
Through this investment, SK Chemicals has completed a recycled plastic value chain that extends to chemically recycled BHET, chemically recycled PET and chemically recycled copolyester (CR-Copolyester), ensuring the sustainability of copolyester, which is its core business, and laying the foundation for new growth.
SK Chemicals’ strategy is to supply chemically recycled PET to the domestic and international food and beverage bottle markets, as well as the food packaging market. In addition, the company plans to enter high value-added markets, such as industrial specialty fibers, where the use of physically recycled PET is difficult, and take the lead in the $7.6 billion global market. The company also plans to sell chemically recycled BHET as a stand-alone product to polyester manufacturers who want to produce recycled products.
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