SK On and three group companies merger completed, financial improvement amid battery slump - Korea

SK On, a major battery manufacturer, has been working since November 2024 on a deal with SK Trading International (SKTI), which imports crude oil, and SK, which operates a tank terminal business.
The merger with SK Enterterm was completed on the 1st, the company announced. With this, SK Group has successfully completed the merger of three companies that was announced in July 2024 to improve its financial situation.
After the merger, SKTI changed its name to SK On Trading International and became an internal company of SK On. SK Enterprise is a wholly owned subsidiary of SK On Trading.
The merger of the three companies was aimed at improving SK On's finances, which were hit hard by the battery downturn.
The company's sales and assets will be 13 trillion won (US$13.876 billion) and 33 trillion won (US$30.24 billion) respectively as of the end of 2023, but will be 62 trillion won (US$6.28 billion) after the merger.
SK On's financial position is expected to improve to 40 trillion won (US$40 trillion), and 617.9 billion won (US$40 trillion). An SK On official said, "We will use this opportunity to improve our financial situation and strengthen our competitiveness in the manufacturing field, R&D, and product portfolio.
"SK On plans to increase its raw material procurement by utilizing SKTI's trading know-how and global network.