MINTIT holds hands with TES to accelerate global market development
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2022-05-25
- MINTIT signed an MOU with TES, a leader in e-waste (discarded electrical or electronic devices) to enter the global used phone market.
- Synergy is anticipated from installing MINTIT ATMs on global TES sites to create profits and energize recycling ... contributions also to strengthen ESG management.
MINTIT, an ICT recycling company marches into the global market holding hands with TES, recently acquired by SK ecoplant. TES is a global leader in e-waste (discarded electrical or electronic devices).
MINTIT announced on May 24 at the SME DMC Tower (Mapo-gu, Seoul) that it has signed an MOU with TES and agreed to engage in mutual cooperation for entering the global market by taking advantage of used mobile phone recycling and unmanned ATMs that collect used mobile phones.
The signing ceremony was attended by key stakeholders from both companies including Gary Steele, CEO of TES, Seong-moon Ha, CEO of MINTIT and Eui-jong Jeon, director of global business management at SK ecoplant.
TES is a global company that specializes in e-waste (discarded electrical or electronic devices) management, and mainly performs retri_ of discarded electrical/electronic products, data security destruction, _l recovery through shredding and disassembling and the disposition and resale of IT assets. At the moment, it is operating 43 treatment facilities in 21 countries including developed countries in the North America and Europe, which is the largest in scale in the industry. It is acknowledged as one of the most competitive companies in the world, having secured a value chain across all relevant business areas. SK ecoplant acquired 100% shares of TES in February.
MINTIT is engaged in the recycling business for ICT devices, using AI-based automated ATM (MINTIT ATM) to collect used mobile phones. Whereas private transactions under the table had dominated the used mobile phone market before, MINITIT is considered to have contributed to the rapid market growth based on price transparency, convenient non-contact trading and reliability of data destruction. MINTIT collected approximately one million used phones last year through some 6,000 ATMs installed in various parts of the country.
Through this MOU, TES aims to expand its market share in the global used mobile phone market by making use of MINTIT ATMs, the unmanned trading platform for used mobile phones. TES is also expected to gain market expansion in South Korea through collaborations between both companies. MINTIT plans to achieve new market opportunities, utilizing the global business infrastructure of TES. This is again expected to increase MINTIT’’s brand value in the global market.
Synergy is another benefit anticipated from this MOU as both companies carry out ITAD (IT asset disposal) services that recycle used mobile phones after completely destroying various information contained in used mobile phones. It is also possible to extract raw materials and rare _ls from used mobile phones that have low residual value due to severe damage. This may well lead to building a market which encompasses the entire cycle of the used mobile phone value chain and creating profits from it.
Gary Steele, CEO of TES said, “TES is giving an active effort to establish a global presence for various businesses including ITAD and for market expansion,” and added, “The combination of TES’ global value chain and MINTIT’s AI-based used mobile phone collecting ATM will create synergy effects for increased presence in the global market and diversified business models.”
MINTIT’s Representative Director Seong-mun Ha said, “The effects of the partnership between MINTIT and TES in the global used mobile phone market, where continuous growth is expected, will be encouraging,” and further stated, “We expect that the global TES business sites and its platform will be used to provide a bridgehead for MINTIT’s entry into the global market in addition to raising its brand value.”
It seems that this business collaboration between the two companies on used mobile phone recycling will produce positive effects of creating economic profits and implementing ESG management practices. If used mobile phones are distributed in the market again, resources for mobile phone manufacture and disposal as well as greenhouse gas emission can be reduced.
In the meanwhile, the market research company IDC forecasted that approximately 332.9 million used mobile phones will be released in 2023 with a market size reaching 67 billion dollars (c.a. 85 trillion Korean won). The domestic used mobile phone market is estimated at around 10 million devices and 2 trillion Korean won as of 2021.
[Image de_ion1] MINTIT announced on May 24 that it has signed an MOU with TES and agreed to engage in mutual cooperation for entering the global market by taking advantage of used mobile phone trading and ATMs. Gary Steel, CEO of TES (right) and Seongmoon Ha, CEO of MINTIT (left) are taking a picture together after signing the MOU.