Official Announcement! The World's Fifth Largest Power Battery Manufacturer Completes Three-Way Merger

Published: Feb 6, 2025 13:19

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[Official Announcement! The World's Fifth Largest Power Battery Manufacturer Completes Three-Way Merger] SK On, the world's fifth-largest NEV battery manufacturer, has now merged with SK Enterm and completed the three-way merger first disclosed in July last year. The newly merged entity will operate under the name SK On. (Battery Network)

Battery Network has learned that SK On, a South Korean NEV battery manufacturing company under SK Group, announced on February 1, 2025, that it has completed a three-party merger and officially embarked on its journey as a "Global Battery and Trading Company," aiming to create synergies and drive sustainable growth.

SK On, the world's fifth-largest NEV battery manufacturer, has now merged with SK Enterm and completed the three-party merger first disclosed in July last year. The newly merged entity will operate under the name SK On.

SK On merged with SK Trading International in November last year. After the merger, SK Trading International operates under the name "SK On Trading International" within the company's internal CIC system.

SK Enterm, South Korea's largest commercial tank terminal operator, will continue to operate as part of SK On Trading International after the merger.

Through this merger, SK On aims to enhance its core competitiveness in the battery business by strengthening raw material procurement capabilities and financial stability.

SK On also mentioned that the merger is expected to improve its profit structure. As of the end of 2023, SK On's revenue and assets were estimated at 13 trillion won and 33 trillion won, respectively, but are expected to increase to 62 trillion won and 40 trillion won after the merger. SK On anticipates that the merger will increase EBITDA by approximately 500 billion won. The merged entity is less sensitive to external market fluctuations and has limited capital expenditures, making it likely to generate stable profits.

According to data released by South Korean research institution SNE Research, global power battery installations reached 785.6 GWh from January to November 2024, up 26.4% YoY.

Among South Korean companies, LGES, SK On, and Samsung SDI all achieved growth in installations from January to November 2024, with a total installation volume of 155.6 GWh. However, their market share was 19.8%, down 3.5 percentage points YoY.

SK On ranked fifth, with installations of 35.3 GWh, up 11.8% YoY, and a market share of 4.5%.

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