SK Innovation Co., South Korea's top oil refiner, has decided to spin off its materials business unit that the company has been promoting as its new growth engine.
The company announced on March 21 that its shareholders have approved a plan to spin off its electronic materials unit at the shareholders meeting held at the head office in Seorin-dong, Seoul. The tentatively named “SK IE Materials” will begin independent management on April 4 and strengthen its business specialty.
With the latest move, the number of SK Innovation’s affiliates will be six from the current five -- SK Energy Co., SK Global Chemical Co., SK Lubricants Co., SK Incheon Petrochem Co. and SK Trading International Co.
In addition, the company reported last year’s business performance, including sales of 54.51 trillion won (US$48.28 billion) and operating profit of 2.12 trillion won (US$1.88 billion).
Kim Joon, president of SK Innovation, said, “We were able to strengthen our competitiveness and achieve progress in new business fields last year through the Deep Change 2.0 strategy despite the global economic downturn." He forecast that this year, e-mobility would become more popular while environmental problems would become more serious.