SK Innovation Launches SK IE Technology and Plans to Become A 'Global Material Provider'

• Rho Jae-sok, CEO of SK Innovation's material business, was appointed CEO of SK IE Technology by the board of directors on April 1
• SK IE Technology will strengthen competitiveness of its existing material business and consider starting new businesses with an aim to become a material solution provider
• The CEO says, "We will take the lead in the global market by enhancing management capability and our expertise in the business."

SEOUL, South Korea, April 4, 2019 /PRNewswire/ -- SK Innovation announced that SK IE Technology, the material business of SK Innovation spun off, was launched officially on April 1.

SK IE Technology held a general meeting for foundation and a board of directors meeting to appoint Rho Jae-sok, the CEO of SK Innovation's material business, CEO and President on April 1. In the meetings, articles of incorporation were approved, directors and auditors were appointed and agenda items for future business activities were voted for as well. 

The company plans to become a global material solution provider that offers lithium-ion battery separators (LiBS), image display units and IT devices by establishing its own management system and strengthening its expertise for material business in order to respond to the ever-changing business environment.

SK IE Technology is a wholly-owned subsidiary of SK Innovation. The company has grown its LiBS business significantly which is a key component in lithium-ion batteries and emerged as the world's 2^nd largest wet separator producer. The company is also strengthening its presence in the global market with its LiBS plants in Jeungpyeong of Chungbuk in Korea and Changzhou of China, as well as its new investment in building a LiBS plant in Slaskie of Poland to have an overseas production site.

In addition, mass production of its flexible cover window (FCW), a flexible film for foldable displays, will be scheduled soon. For the production, the company completed construction of a demonstration plant recently in Institute of Technology Innovation located in Daejeon. The commercial production line for mass production which is under construction in Jeungpyeong of Chungbuk at the cost of about 40 billion Won will begin production this October. The material provider also considers building another plant to meet the increasing global demand for clear polyimide (PI) films.

SK IE Technology plans on growing into a leader in the world market for electronics and information materials by enhancing its competitiveness in its existing business including LiBS and FCW. Its plan also includes becoming a company that provides a wide range of material solutions integrating products and technologies for customers by exploring ideas for new business.

The CEO and President, Rho, said, "SK IE Technology has stayed competitive in the LiBS and the FCW business which are the key components for electric vehicle batteries and flexible displays respectively and are expected to grow dramatically." He added, "The spin-off will strengthen the company's expertise in the business including management capability, products and technologies and help the company grow into a global material solution provider and take the lead in the global market."    

SOURCE SK Innovation