Touts plans to increase U.S. investments to more than $50 billion by end of 2025
WASHINGTON, Sept. 22, 2022 /PRNewswire/ — SK Group Chairman Tae-won Chey stressed SK’s increasing investments in the U.S. and commitment to advancing sustainability as he hosted officials Wednesday in Washington, D.C., for SK Night. The event, SK’s third SK Night, was held to showcase SK’s growing U.S. presence and strengthen relationships with U.S. stakeholders.
SK Group, South Korea’s second-largest conglomerate, has operations across the U.S. through its companies, including electric vehicle battery plants in Georgia, semiconductor wafer facilities in Michigan, and pharmaceutical manufacturing facilities in California, Virginia and Texas.
In July, Chairman Chey met with President Joe Biden to announce SK plans for increasing investments in the U.S. with a focus on life sciences, semiconductors and green business. SK companies plan to increase their collective investments and assets in the U.S. to more than $50 billion by the end of 2025, increasing the total SK U.S. employees from 4,000 to more than 20,000.
“Much of our investment will be targeted at helping achieve carbon net-zero goals,” Chey said. “Together, we can build the businesses and find the solutions that help us reach these important goals. We can make a better world to hand to the next generation.”
SK’s additional U.S. investments already are taking shape. SK Siltron CSS opened earlier this month a new facility in Michigan as part of a $300 million investment to increase manufacturing capacity for semiconductor wafers that can be used in components for electric vehicles.
SK On, one of world’s top makers of EV batteries, recently finalized a BlueOval SK joint venture with Ford Motor Co. to build EV battery plants in Kentucky and Tennessee. SK On’s first U.S. EV battery plant has been built and is in operation in Georgia with a second plant coming online soon as part of a $2.6 billion investment.
SK Inc. and SK Innovation recently invested $250 million in TerraPower, a Bellevue, Wash., company founded by Bill Gates that’s focused on nuclear power innovations that can supply carbon-free energy. SK Ecoplant also recently invested $50 million in Ascend Elements, a Massachusetts company focused on EV battery recycling and materials engineering.
In addition, AMPAC Fine Chemicals, an SK Pharmteco company, has announced expansions at its California and Virginia facilities. The company, based in Rancho Cordova, Calif., is a leading maker of active pharmaceutical ingredients.
About SK
SK Group, South Korea’s second-largest conglomerate, is a collection of global industry-leading companies driving innovations in semiconductors, sustainable energy, telecommunications and life sciences. Based in Seoul, SK invests in building sustainable businesses around the world with a shared commitment to reducing global greenhouse gas emissions and increasing the use of renewable energy.
SK companies combined have more than $106 billion in global annual revenue and employ more than 100,000 people worldwide. SK companies are investing billions of dollars in expanding their U.S. presence with business operations or partnerships in hydrogen energy and fuel cells, EV battery manufacturing and technology, energy storage solutions, pharmaceutical manufacturing, and development, semiconductors, and advanced materials. For more information, visit sk.com.
SOURCE SK Group
