April 27, 2024
Industrials
SK Innovation pursues more M&As
[THE INVESTOR] SK Innovation, South Korea’s top oil refiner, announced on Feb 7. that it will pursue more mergers and acquisitions this year in order to boost its corporate value.
“We need to invest big in order to reshape our business portfolio, and mergers and acquisitions would be under review, while we will seek to minimize our financial burden,” said Kim Jun, president of SK Innovation, at a gathering of top executives of its affiliates in Seoul.
Kim also stated that a change in its business structure should be made to secure stable profit sources and win market trust.
SK Innovation is looking at a variety of potential M&A targets. The company said last week that it has decided to take over Dow Chemical’s ethylene acrylic acid business for US$370 million in a bid to diversify its business portfolio.
The company also said it would spend 3 trillion won (US$2.62 billion) this year to boost its chemicals and electric vehicle battery businesses.
(theinvestor@heraldcorp.com)
“We need to invest big in order to reshape our business portfolio, and mergers and acquisitions would be under review, while we will seek to minimize our financial burden,” said Kim Jun, president of SK Innovation, at a gathering of top executives of its affiliates in Seoul.
Kim also stated that a change in its business structure should be made to secure stable profit sources and win market trust.
SK Innovation is looking at a variety of potential M&A targets. The company said last week that it has decided to take over Dow Chemical’s ethylene acrylic acid business for US$370 million in a bid to diversify its business portfolio.
The company also said it would spend 3 trillion won (US$2.62 billion) this year to boost its chemicals and electric vehicle battery businesses.
(theinvestor@heraldcorp.com)
