MOSCOW (MRC) -- Nexam Chemical - which invents, develops, produces and sells additives to the plastics industry worldwide - signs a new agent in Seoul, South Korea, said the company.
An order to carry out a larger industrial trial to repair recycled plastic with Nexam Chemical's Reactive Recycling solution has been placed. The Reactive Recycling solution significantly improves the properties of plastics and polymers.
The order for reactive recycling for recycled PET (r-PET) to Korea is worth SEK 140,000. The upgraded r-PET is to be used in automotive applications with a sales potential for Nexam Chemical of SEK 14 million per year.
"With a new agent and in a new market, we look forward to more projects and new business. Being able to repair recycled plastic has many advantages - in this case providing the automotive industry with new applications," says Johan Arvidsson, CEO of Nexam Chemical.
"In 2020, South Korea banned the import of PET bottles to encourage and improve domestic collection and recycling of PET. From 2022, they will ban the import of plastic waste from abroad, which could be a good business opportunity for us. This is because it puts more focus on domestic recycling and can accelerate demand for Nexam's products," said Mr. Saan-Soo Cha.
The agent, Mr. Sang-Soo Cha, has almost 30 years of experience from the chemical industry and has previously, among other things, worked for several years as sales director and general manager for Perstorp AB within the Korean division.
"For the product portfolio for reactive recycling, Mr. Cha is also developing our NEXIMID portfolio with a focus on the electronics industry, an area where a lot of research and development is going on in South Korea," says Johan Arvidsson.
As per MRC, Nexam Chemical has received an order from an existing customer in the area of PET additives for deliveries to the USA. The customer is a market-leading manufacturer of PET foam. It is the single largest order in the United States and also one of the largest ever for Nexam Chemical globally. Nexam Chemical has previously delivered products to this customer and this order confirms good growth in the business.