SK Group to join with Econity for water treatment in ChinaSK Group will embark on the water treatment business in China in cooperation with the largest Korean water business Econity, the group said yesterday.
SK and Econity signed an MOU to set up a joint venture in Beijing last Thursday. SK said the deal would become an exemplary model for cooperation between large and small businesses. Econity is a 2.5 billion won ($2.2 million) business that develops filters for water treatment. It is No. 1 in the local market with a 30 percent market share, beating out global players like GE and Siemens.
“The collaboration between SK and Econity will create more opportunities for other small enterprises to advance into the Chinese market,” the group said in a statement.
As the Chinese government pledged to spend 600 trillion won on environment-related businesses until 2016, opportunities for Korean companies will abound, said the group.
SK will not only participate in water treatment projects overseen by the Chinese government, but also expand further into eco-friendly businesses dealing with waste and soil pollution.