The signing ceremony for an agreement between SK and the Pinghu Economic and Technological Development Zone is held on Nov 14. [Photo/jiaxingren.com]

The signing ceremony for an agreement on SK's high-end new material project was held in the Pinghu Economic and Technological Development Zone in Pinghu, a county-level city in Jiaxing, Zhejiang province, on Nov 14.

SK is a global top 500 company and global industry leader from South Korea.

The project is to build SK's first ion polymer production base in China and third in the world. It has received a total of $63.6 million in investment. It covers an area of 18.6 mu (1.24 hectares) and will mainly produce ion polymers, which are used in various industries such as meat packaging, golf balls, perfume caps, and laminated glass. Its annual output value is expected to reach 250 million yuan ($34.49 million).

SK Group is the second largest enterprise group in South Korea and a leader in the energy, information and communication industries. In 2022, SK’s global sales reached $150.9 billion. It ranks 92nd in the Fortune Global 500 and focuses on cutting-edge materials, sustainability, technology, and biology.

An ion polymer is a high-value-added product in the ethylene propylene industrial chain, and only Dow and SK have mastered its production technology.

The project will fill a gap in the domestic production of ion polymers and attract more high-quality new material enterprises to Pinghu, helping the city's new material industry become more high-end.