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SK Innovation is set to split up its battery and petroleum refining business divisions. It was revealed on Wednesday, Aug. 4, that the South Korean company will be dividing the units and separate them to become two new entities by October.
According to The Korea Times, the move was to have been carried out as SK Innovation is working for its battery division to have a successful initial public offering (IPO). Through the separation, this unit will magnify its business expertise and improve the corporate value as well.
"We plan for the new battery affiliate to become the third-largest player in the global electric vehicle (EV) battery market in 2022, based on (annual) sales volume," Kim Cheol Joong, SK Innovation's head of strategy, told investors during the Q2 earnings call.
He added that with SKI’s battery business as an anchor, the company will pursue the development of new businesses by expanding the value chain. "Along with the battery materials recycling business, we will develop new businesses in the battery materials and next-generation batteries sectors, along with eco-friendly future growth areas," Kim said.
In any case, SK Innovation will remain the owner of the new battery and petroleum refinery businesses. The company is said to be looking forward to gaining the approval of the shareholders through a meeting that will be held on Sept. 16. Once everything is sorted out and approved, SKI will be launching the two new entities on Oct. 1.
Once split up, Pulse News reported that SK Battery will be responsible for the production of batteries for mid to large-size electric vehicles. It will serve battery service and energy storage system businesses. On the other hand, the refinery unit, which is the SK E&P, will operate for petrochemical development, production, and exploration in addition to the carbon capture and storage business.
Finally, Kim Jong Hoon, board chairman of SKI, said that the separation of the company’s battery and petroleum units will also make strategic investments and expansion faster for each of the businesses. Shares of SK Innovation dropped a bit at close by 3.75 at ₩243,500 on Wednesday.
