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SK Geocentric Co. has signed an initial deal with French water management company Suez S.A. and Canadian plastic waste recycling firm Loop Industries to build a 70,000-ton plastic waste recycling plant in France.
According to SK, the three companies are considering making equal investments in the joint venture.
If built, the proposed plant will be SK Geocentric's first plastic waste recycling facility in Europe.
SK Geocentric, a chemical division of the SK Group in South Korea, is working to transition its business from traditional chemicals to green chemistry, particularly chemical decomposition.
It intends to invest 5 trillion won by 2025 to increase its plastic waste recycling capacity to 900,000 tons per year.
