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SK Innovation splits battery and petroleum business

 Last Update: 2021-08-14
 Source: Internet
 Author: User

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On August 4, South Korea's SK Innovation Co.
, Ltd.
announced that it has decided to split its battery and petroleum development (E&P) business units into two independent legal entities
.

It is reported that SK Innovation will formally establish new legal persons "SK Battery Co.

Jin Zongxun, chairman of the SK Innovation Council, said that the split is mainly to adjust the operating mechanism according to the characteristics of each business field to further enhance the professionalism and competitiveness of each department
.

In the future, the newly established SK Innovation companies will respond more quickly and flexibly to changes in the business environment through itemized investment and expansion of business value, accelerate the promotion of corporate environmental strategies, and focus on improving corporate value

According to industry insiders in South Korea, the reason why SK Innovation splits its battery and petroleum businesses is that the company's battery division urgently needs to attract capital independently
.

Ji Dongxie, the representative of SK Innovative Battery, said that at present, SK Innovative is accelerating the expansion of battery factories around the world, and the related annual investment has reached 2 trillion to 3 trillion won

In this case, SK Innovation has promoted the independent investment and listing of the battery division, which will help the further development of its battery business
.

South Korea's NH Investment and Securities Research Institute Huang Yoo-sik (transliteration) said that in order to achieve investment, it is inevitable that SK Innovation will divest the battery business unit

In addition, SK's innovative oil business is also a high-quality business, and the department is likely to also benefit from the IPO
.

According to SK Innovation's latest financial report, driven by global oil prices, petrochemical product prices and battery sales, the company's sales in the second quarter increased by 55.

On the other hand, LG Chem, a competitor of SK Innovation, also completed the spin-off and IPO of its battery business last year
.

Today, LG Energy Solutions has become one of the global battery giants

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