South Korea's SK Geo Centric Co. and Youlchon Chemical Co. announced on Sunday that they signed a memorandum of understanding (MOU) to co-develop recyclable plastic packaging materials.
The two companies share their know-how for cooperating on eco-friendly, high-performance packaging materials and collaborate for the new products.
SK Geo Centric, a subsidiary of SK Innovation, is involved in plastic recycling. Youlchon Chemical, a packaging material specialist under the Nongshim Group, manufactures food packaging materials.
"In South Korea alone, 360,000 tons of flexible packaging materials are used annually and most are difficult to recycle and end up incinerated or landfilled," an SK Geo Centric source said. "Developing single-material plastics that effectively protect products would significantly contribute to a more active resource circulation system."
