On August 21, South Korea's SKC said it plans to merge its biodegradable materials subsidiaries SK Leaveo (polymerization plant) and SK Tbmgeostone (modification plant), with the former absorbing and merging the latter, at a ratio of 1 to 0.0005179, with a merger deadline of October 8th. For its part, SKC said that the purpose of the integration is to monetize the main body of the environmental business within its subsidiaries, hoping to consolidate operational research and development (resources and capabilities) in order to improve management efficiency, enhance the execution of business growth, and ensure business stability.SKC is the holding company of South Korea's SK Group, which owns 31.8% of the shares of the SK Group.
On May 12, 2024, SK Leaveo began construction of a PBAT plant in Hai Phong, Vietnam, with a capacity of 70,000 tons per year and a mass production target date of the third quarter of 2025. Previously, SK Leaveo planned to develop high-strength PBAT using nanocellulose, a reinforcing material, in order to expand the application of bioplastics to textiles and nonwovens. SK TBMgeostone specializes in the production of biodegradable LIMEX materials, modified materials made from natural inorganic limestone fused with PBAT. Vietnam is rich in limestone resources, and SK Tbmgeostone's production facility will also be located in Hai Phong, Vietnam. SK Leaveo was established in 2021, formerly known as Ecovance, as a joint venture between SKC, Daesang and LX International.Following the exit of LX International in May 2024, SK Leaveo is predominantly owned by SKC (77.8%) and Daesang (22.2%). See Partners exit SK Tbmgeostone was established in 2021 as a joint venture between SKC and TBM, a Japanese environmental materials company.SKC owns 68.99% of the shares, while TBM owns 31.01%.
