● Initz Earns ‘Prime Minister’s Commendation for Promotion of Foreign Investment’
- SK Chemical Attracts Foreign Investment Through Creation of Collaborative Enterprise, Initz
- Innovative Tech Powers SK Chemical’s Success – Initz Poised to Become Global Industry Leader
On the 31st, recognition for the contributions made toward foreign investment by SK Chemical and Teijin’s collaborative creation, Initz, represented by Hyogyong Kim, was presented to SK Chemical with the Prime Minister’s Commendation for Promotion of Foreign Investment from the Korea Foreign Company Association, headed by Heisong Lee.
This year’s annual recognition of organizations and businesspersons that fuel economic development through the promotion of foreign investment was held on ‘Foreigner Appreciation Day.’
Initz, a collective creation of both SK Chemical and Teijin, specializes in the engineering of PPS (polyphenylene sulfide). Its official launch as a new enterprise saw a staggering investment of KRW 240 billion, solidifying Teijin’s 34% share in the company and their direct participation in funding.
Initz was able to expand its current manufacturing scale to 12,000 tons of PPS; and as of the second half of next year, it will reach full-operational capacity.
SK Chemical stated, “Our technology innovation granted to us by the dedicated research and development of PPS proudly earned us Teijin’s partnership in investment, and we pledge to foster Initz into a world trademark brand-leader with the continued support of our global friends at Teijin.”
Initz operations have been growing in scale since its founding and the recent preliminary sales contract for PPS distribution with the global chemical expert A. Schulman signifies continued success.