SK Innovation to Merge SKIET, Accelerating 'Rebalancing' and Taking Direct Control of Battery Separator Business
Creatrip Team
a month ago
SK Innovation will absorb its battery separator subsidiary SK IE Technology (SKIET) to run the lithium-ion battery separator (LiBS) business directly. The merger, approved by both companies' boards, uses a swap ratio of 1 : 0.1174540 and is planned to be finalized by Jan 1 with new SK Innovation shares listed on Jan 18. The move aims to strengthen financial stability and operational efficiency under a parent-company structure, reduce duplicated costs, and combine SK Innovation's R&D with SKIET's product capabilities to expand into energy storage system (ESS) separators. SKIET, spun off in 2019 and listed in 2021, faced weakened finances amid slower EV demand and rising competition; SK concluded that reintegration would better mitigate business and financial risks and boost long-term competitiveness and shareholder value.
