TES is a Singapore-based provider of synchronized electronic waste (E-waste) management solutions. Used electronics which are destined for refurbishment, reuse, resale, salvage recycling through material recovery, or disposal are considered E-waste. SK ecoplant acquired 100 percent of TES in February 2022 for about $1.0 billion.
Mintit, a subsidiary of SK networks, collected more than one million used phones in 2021 through its unmanned phone collection platform called "ATM." The company introduced a chatbot service to improve customer convenience and a program for deleting personal information and data.
SK ecoplant said that TES will expand its market share in the global used mobile phone market by utilizing Mintit's non-face-to-face used mobile phone trading platform, while Mintit will explore new markets by using TES' global business infrastructure.
SK ecoplant anticipated synergy as both TES and Mintit carry out IT asset disposal services that completely destroy and recycle various information contained in used mobile phones. They would extract raw and rare metals from used mobile phones with low residual value.
"In the global used mobile phone market, which is expected to grow continuously, the partnership between Mintit and TES will have an encouraging effect," Mintit CEO Ha Seong-moon said in a statement on May 24. He said that the partnership would provide a bridgehead for entering the global market and raise Mintit's brand value.
TES CEO Gary Steele was quoted as saying that the combination of TES' global value chain and Mintit's would create synergy effects. TES operates 43 treatment facilities in 21 countries. SK ecoplant aims to extract raw materials from waste batteries or reuse them as new batteries or energy storage systems.
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