This photo shows the headquarters building of SK Group in downtown Seoul on Aug. 25, 2020. (Yonhap)
SEOUL, July 1 (Korea Bizwire) — SK Inc., the holding firm of South Korean conglomerate SK Group, said Thursday it has struck a 140 billion-won (US$123.5 million) deal to buy a 10 percent stake in TBM, a Japanese maker of eco-friendly materials.
SK’s Japanese investment arm made the investment in the Tokyo-based startup known for LIMEX, a recyclable material derived from limestone and used in products from bags to business cards.
In May, SK and three other chemical subsidiaries invested 408 billion won to establish the Japanese investment arm to foster new growth drivers in the green business.
Apart from the stake investment, SK chemical subsidiary SKC Co. and TBM will form a joint venture to develop biodegradable plastic and further develop products using LIMEX, SK said.
(Yonhap)
