Introduction
Teijin Ltd. and South Korean chemical company SK Chemicals have established a joint venture in Ulsan, South Korea, named INITZ Co., Ltd. (hereinafter referred to as "INITZ"). The company primarily engages in the production and sales of PPS (polyphenylene sulfide), a super engineering plastic, and its modified materials (composites). The construction of the PPS production plant commenced on October 1, 2013, with the Mayor of Ulsan and several city council members attending the groundbreaking ceremony. PPS resin is a material known for its excellent heat resistance, chemical resistance, and high strength, widely used in automotive, electronics, and electrical applications. With the growing adoption of electric and hybrid vehicles and the expansion of the electronics market in emerging countries, demand for PPS is expected to increase further. Conventional PPS resins contain chlorine and sodium, which may lead to corrosion, connectivity issues, and environmental concerns. The new plant will utilize an innovative production process developed by SK Chemicals to manufacture the world’s first chlorine-free and sodium-free PPS resin. INITZ will collaborate with Teijin and SK Chemicals to develop markets in the automotive, electronics, and electrical sectors. Focusing on the rapidly growing Asian market, the company aims to expand its global presence. INITZ plans to achieve sales of 300 billion KRW by 2020 and capture a 20% market share, striving to become a world-leading manufacturer of PPS resin and modified PPS resin.
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