SKC

• The new name
  is a combination of PU (polyurethane) and ‘core’··· “Will create core values of
  the PU industry to grow together with the clients.”

• Efforts
  will be made to globalize the eco-friendly PU business including re-polyol and
  bio-polyol products ··· in an aim to achieve KRW 1 trillion in sales by 2025.

MCNS,
a subsidiary of SKC (President: Woncheol Park) in the polyurethane materials
business has changed the company name to SK pucore to actively get engaged in
expanding the global ESG materials solutions business.

SK
pucore held a board of directors meeting on May 26 and decided to change the
company name to SK pucore. The new company name, SK pucore, is a combination of
PU (polyurethane) and ‘core’ that together signify the company’s determination
to create core values of the PU industry and grow together with the clients. In
September last year, SKC agreed to terminate the contract of MCNS, a joint
venture company established in 2015 in collaboration with Mitsui Chemicals to
pursue its own growth.

With
its new company name, SK pucore seeks to expand the eco-friendly PU materials
business involving re-polyol and bio-polyol to the fullest extent. While PU is
used for a variety of purposes for furniture, automotive interior materials, fridges,
LPG ship insulation and more, most of the used PU is discarded due to economic inefficiency
in waste collection for processing and difficulty in recycling. SK pucore’s
re-polyol is made with eco-friendly technology turning waste PU into usable
material polyol.

Not
only was SK pucore the first in the country to develop the re-polyol technology,
it was NET (New Excellent Technology) certified by the government last year and
commercialized the re-polyol early this year in partnership with a large furniture
company. SK pucore plans to expand the application of re-polyol into various
product groups such as cars, fridges and construction boards.

SK
pucore will also be devoted to bio-polyol business which uses different
biological materials instead of petroleum-based materials. It already succeeded
in the commercialization of bio-polyol made from castor oil, a type of
vegetable oil and is seeking partnership with global consumer goods companies. Increased
research and development efforts are further being focused on creating bio-polyol
products using other types of nonedible vegetable oil.

SK pucore will actively explore global expansion as
well. It is currently running production bases (System House) in six countries including
the U.S., China, Poland Mexico and India. The plan is to increase its share in
the global market by making further entries into the markets with high growth
potential such as Southeast Asia and Central and South America. SK pucore aims
to achieve more than KRW 1 trillion ink sales by 2025.

An
SK pucore executive said, “We will position ourselves as a ‘core player’ in the global
market through continuous R&D efforts and business expansion with the eco-friendly
PU materials business being the top priority,” and added, “We will strengthen our
leadership in eco-friendly business together with SKC, which is engaged in a
wide spectrum of business for the commercialization of green degradable
materials and recycled waste plastic.”

[SK
pucore CI]