SKC to merge two biodegradable material subsidiaries
Ji-Eun Ha
5 HOURS AGO
South Korea's SKC Ltd. said on Wednesday that it plans to merge its biodegradable material subsidiaries, SK Leaveo and SK Tbmgeostone with the merger ratio set at 1:0.0005179.
The merger is scheduled to be completed on October 8.
Founded in 2021 as a joint venture between SKC, Daesang, and LX International, SK Leaveo became primarily owned by SKC (77.8%) and Daesang (22.2%) after SKC acquired LX International's shares.
SK Tbmgeostone was established through a partnership between SKC and Japanese eco-friendly materials firm TBM.
SKC holds a 68.99% stake, while TBM owns 31.01%.
SK Leaveo recently began constructing the plant for biodegradable material polybutylene adipate terephthalate (PBAT) in Hai Phong, Vietnam, with an annual production capacity of 70,000 tons.
The plant is expected to start mass production in the third quarter of next year.
PBAT is an eco-friendly plastic that biodegrades quickly through microbial action.
SK Tbmgeostone also plans to establish production facilities in Hai Phong.