Benzinga | Jan 10, 2022 11:44AM EST

SKGC, PureCycle To Open Polypropylene Recycling Plant In Ulsan, South Korea

* SK geo-centric (SKGC) and Purecycle Technologies Inc (NASDAQ:PCT) signed a non-binding head of agreement to open Asia's first recycled polypropylene (PP) plant in Ulsan, South Korea. Deal terms were not disclosed.

* The facility is expected to have an annual capacity of 60,000 tons and an anticipated completion at the end of 2024.

* The cooperation between the two companies is designed to create a joint venture that will recycle plastic waste, provide South Korea with UPR, and develop diverse consumer products.

* The partnership will combine SKGC's strengths with PureCycle's purification technology to supply a premium recycled plastic resin to the growing market.

* PureCycle will leverage its plant module construction processes and partnerships to accelerate the building of the plant in South Korea.

* Price Action: PCT shares are trading lower by 3.82% at $8.32 on the last check Monday.