CTK Bio (CTK BIO CANADA), an affiliate of CTK (CEO In-Yong Jeong), announced on the 28th that it has signed a multi-year Master Supply Agreement (MSA) with the US-based 'C' Group.
This contract is not a single-use contract, but a multi-year supply contract. CTK Bio will supply approximately $3 million (approximately KRW 4.1 billion) worth of composite resin per month, in the form of four containers. The contract period runs from November of this year until the end of supply, and the contract value represents approximately 870% of 2024 sales (KRW 470 million).
The US company that signed the contract, C Group, is a company with a diverse business portfolio and has one of North America's largest plastics processing companies as a subsidiary. Under the terms of the agreement, the company's name will remain confidential.
A representative from CTK Bio said, “Our continuous efforts to develop sustainable composite material technology, optimize production processes, and secure global certifications have resulted in actual sales,” adding, “Currently, it is being applied to a specific product group within Group C, but it is highly likely that it will be expanded to other product groups in the future, so additional sales are expected.”
He added, "In addition to this contract, we are in supply negotiations with a number of global companies, and we will be able to announce additional results to the market soon."
Park Jin-geun, CEO of CTK Bio, said, “While a testing period was needed in the process of commercializing new materials, this contract has allowed us to enter the stage of realizing full-scale sales.” He added, “We will pursue product diversification and technological advancement through continuous research and development, and will achieve tangible results, especially in the field of agricultural mulching films.”
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