SK Group’s headquarters, the “SK Seorin Building,” located in Seorin-dong, Jongno District, Seoul. (Image courtesy of SK Group)
SEOUL, July 30 (Korea Bizwire) — SK Innovation Co., South Korea’s leading oil refiner, said Wednesday it will merge two electric vehicle-related affiliates as part of a business reorganization amid slowing EV sales.
SK On Co., the company’s EV battery manufacturing unit, will absorb SK Enmove Co., a provider of EV lubricants and thermal management solutions, to generate synergies in the electrification sector and enhance cost efficiency in logistics, SK Innovation said in a regulatory filing.
The parent company also announced plans to issue 18 million common shares at 111,000 won (US$80) each to raise 1.99 trillion won, which will be used to repay debt.
(Yonhap)
