SKGC, PureCycle To Open Polypropylene Recycling Plant In Ulsan, South Korea - PureCycle Technologies (NASDAQ:PCT)

SK geo-centric (SKGC) and Purecycle Technologies Inc 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.