South Korea's SK On undergoes restructuring

South Korea's SK Innovation announced the merger of its battery and energy storage system subsidiary, SK On, with SK Enmove, a thermal management and lubricant business. The plan was approved by the boards of directors of all three companies on July 30th, and the new joint venture will officially be established on November 1, 2025. The merged company will maintain SK On's leading position in electric vehicle power batteries and energy storage systems while leveraging SK Enmove's extensive experience in cooling and lubricants.