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.