SK Innovation to absorb battery materials unit

SK Innovation will absorb its battery materials unit, SK IE Technology (SKIET). The move is part of a plan to restructure its battery business and increase the competitiveness of SKIET's battery separator business.

The absorption will be carried out through a share swap between SK Innovation and SKIET at a ratio of 1 to 0.1174540.

The plan is set to be approved at shareholder meetings of both companies on November 24, according to a regulatory filing.

Brief written by urgent.news from The Korea Times, The Korea Times — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.