SK Group Chairman Acknowledges Growing U.S. Partnerships at SK Night

Published on: 22 September 2022
by KnowESG
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Tae-Won Chey, Chairman of the SK Group, underlined SK's growing investments in the United States and dedication to furthering sustainability as he hosted officials for SK Night in Washington, D.C. The event, SK's third SK Night, was organised to highlight SK's growing presence in the United States and to deepen partnerships with U.S. stakeholders.

SK Group, South Korea's second-largest conglomerate, has subsidiaries operating in the United States, including electric vehicle battery plants in Georgia, semiconductor wafer facilities in Michigan, and pharmaceutical production facilities in California, Virginia, and Texas.

Chairman Chey met with President Joe Biden in July to outline SK's plans to increase investment in the United States, with a focus on health sciences, semiconductors, and green business. SK companies want to raise their collective investments and assets in the United States to more than $50 billion by the end of 2025, bringing the overall number of SK employees in the United States from 4,000 to more than 20,000.

"Much of our investment will be targeted at helping achieve carbon net-zero goals. Together, we can build businesses and find solutions that help us reach these important goals. We can make a better world to hand to the next generation," he said.

SK's new investments in the United States are already taking form. SK Siltron CSS established a new facility in Michigan earlier this month as part of a $300 million investment to enhance manufacturing capacity for semiconductor wafers used in electric vehicle components.

SK On, one of the world's leading EV battery manufacturers, recently completed a BlueOval SK joint venture with Ford Motor Co. to establish EV battery plants in Kentucky and Tennessee. The first SK On EV battery plant in the United States has been built and is operational in Georgia, with a second plant set to open soon as part of a $2.6 billion investment.

SK Inc. and SK Innovation recently invested $250 million in TerraPower, a Bill Gates-founded business focusing on nuclear power advancements that can provide carbon-free energy.

SK Ecoplant also recently made a $50 million investment in Ascend Elements, a Massachusetts-based company specialising in EV battery recycling and materials engineering.

In addition, AMPAC Fine Chemicals, a subsidiary of SK Pharmteco, has announced expansions at its sites in California and Virginia. The Rancho Cordova, California-based company is a leading producer of active medicinal components.

Source: SK Group

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