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SK Innovation seeks more M&As this year: CEO

All Headlines 13:43 February 07, 2017

SEOUL, Feb. 7 (Yonhap) -- SK Innovation Co., South Korea's top oil refiner, will shoot for more mergers and acquisitions this year, which will lead to a boost in corporate value, its president has said.

Kim Jun made the remarks at a gathering of top executives of its affiliates in Seoul on Thursday.

"We need to invest big in order to reshape our business portfolio, and mergers and acquisitions would be under review, while we will seek to minimize our financial burden," he was cited by the company as saying.

Kim said a change in its business structure should be made to secure stable profit sources and win market trust as well.

Earlier, SK Innovation said it is looking at a variety of potential M&A targets.

SK Innovation said last week that it has decided to take over Dow Chemical Co.'s ethylene acrylic acid (EAA) business for US$370 million in a bid to diversify its business portfolio.

Earlier, the company said it would spend 3 trillion won this year to boost its chemicals and electric vehicle battery businesses.

Industry leader SK Innovation reported last week that it logged a record operating income of 3.23 trillion won last year, helped by improved refining margins, inventory gains and increased exports.

SK Innovation seeks more M&As this year: CEO - 1

sam@yna.co.kr
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