LOTTE Chemical, Kolmar Korea Holdings and Yonwoo Enter MOU for
Developing and Applying Regenerated Material Containers
[Photo]: (From the left) LOTTE Chemical Basic Chemicals CEO Hwang Jin Koo, Kolmar Korea Holdings CEO Ahn Byung Joon,
and Yonwoo CEO Park Sang Yong, commemorative photo of the MOU signing
■ Entered MOU for developing and applying regenerated material containers at the Kolmar Korea Research Institute in Naegok-dong, Seochu-gu in the morning of the 11th
■ Cooperation in expanding application and use of package products for cosmetic products using regenerated resins such as PE and PP with Korea’s top cosmetic product container production company ‘Yonwoo’... Plans to apply in packaging products of domestic and foreign cosmetic companies later this year
■ Acting as optimal partner for eco-friendly ESG management of client companies through cooperation in regenerated package development according to the features of each industry such as cosmetic products, food, packaging, bags, etc.
The Korean chemical company LOTTE Chemical, cosmetic product container production company Yonwoo, and Kolmar Korea Holdings decided to team up for the eco-friendly life of client companies and final consumers.
In the morning of the 11th, LOTTE Chemical Basic Materials Business President Hwang Jin-koo, Kolmar Korea Holdings President Ahn Byung-joon, and Yonwoo President Park Sang-yong, etc. met at the Kolmar Korea Research Institute in Naegok-dong, Seocho-gu and entered an MOU for the development and application of regenerated material containers.
The three companies that attended the MOU ceremony agreed to cooperate in developing eco-friendly cosmetic product packaging by using LOTTE Chemical’s regenerated materials such as PCR-PP (Polypropylene) and PCR-PE (Polyethylene) as ESG management and consumption spread. The three companies will ▲cooperate in eco-friendly package product development ▲stable supply of PE and PP recycled resin (PCR) that can be reprocessed ▲apply and expand use of packages for eco-friendly cosmetic products, etc.
Through the cooperation with Kolmar Korea Holdings and Yonwoo, LOTTE Chemical expects to not only create demand for recycled raw materials, but also quickly identify the needs for eco-friendly products, and thereby contribute even more in developing packages that meet the eco-friendly product demands of customers and to ESG management.
Kolmar Korea Holdings and Yonwoo anticipates that the cooperation with LOTTE Chemical will play a key role as part of its plans to exercise ESG management and to gain early dominance in the eco-friendly cosmetic product packaging market.
LOTTE Chemical Basic Chemicals CEO Hwang Jin Koo stated, “We will do our best to supply regenerated materials according to each industry such as cosmetic products, food, and packaging bags through various material product grades,” while adding, “We will preemptively identify resource circulation trends according to client companies for technology development and product expansion, and thereby further extend our high-value materials business.”
Kolmar Korea Holdings CEO Ahn Byung Joon commented, “This will be an opportunity for mutual development by practicing true ESG management through efforts to develop and promote eco-friendly cosmetic product packaging with the cooperation of the three companies.”
Yonwoo CEO Park Sang Yong said, “Through this MOU with LOTTE Chemical, we will not only secure a stable supply base for eco-friendly cosmetic product containers, but also a new foothold to pioneer the global market.”
Starting earlier this year, LOTTE Chemical built cooperative relationships with Pulmuone, Samsung Welstory, Seven-Eleven, and LG Household and Health Care, and is has plans to supply and produce regenerated materials used in food containers and cosmetic product packaging.
Meanwhile, LOTTE Chemical proclaimed 『Every Step for GREEN』 last year and plans to increase the scope of eco-friendly recycled materials business to 1 million tons by 2030, while also systematically managing the impact and risks of raw materials, its sales, use and disposal, etc. on the economy, environment and society.