South Korea’s SK Geo Centric has signed a joint venture with Loop Industries and Suez Group to build a PET recycling facility in France.
Previously, Loop Industries and Suez announced they were planning a 70,000 tonnes per year PET recycling plant in Normandy.
But now chemical company SK Geo Centric has signed an equal joint venture with the two companies.
It will be responsible for supervising and consulting operations at the plant by using its knowledge of the chemical industry. The plant is expected to use Loop Industries’ own depolymerisation technology that recycles PET and polyester fibre to the original raw material state.
This will be the first European plant that SK Geo Centric, which is part of SK Group, will be involved in.
The company has announced it intends to invest $3.89 billion (£3.21 billion) by 2025 to boost its plastic recycling capacity to 900,000 tonnes.
SK Geo Centric chief executive Na Kyung-soo said: “This partnership will be a big step for SK Geo Centric to move beyond Asia and become a global eco-friendly chemical company.”