SK Chemicals is buying a polyester recycling business from the Chinese firm Shuye for about $100 million. Included in the purchase is a plant that depolymerizes polyethylene terephthalate waste into bis(2-hydroxyethyl) terephthalate, which can then be polymerized into PET again. The plant has a capacity of 70,000 metric tons (t) per year of BHET. It also has a facility can make 50,000 t of PET from the BHET annually. SK plans to sell both products. SK bought a 10% stake in Shuye in 2021.