SK On completes BlueOval SK restructuring, takes full control of Tennessee plant

SK On has completed the restructuring of its battery joint venture with Ford Motor, BlueOval SK, converting its Tennessee plant in the United States into a standalone entity, the company said Thursday.

By unwinding the joint venture structure, the company aims to strengthen its financial position while increasing operational autonomy over its U.S. production base.

According to SK On, the existing BlueOval SK Tennessee plant has been renamed “SK On Tennessee” and has begun operating as a fully independent facility.

Under the new structure, SK On will fully own and operate the Tennessee plant, while the two Kentucky plants previously under BlueOval SK will be owned and operated by Ford.

The restructuring follows an agreement reached in December 2025 between SK On and Ford to end their three-year joint operation of BlueOval SK, a move intended to strategically realign assets and production capacity to improve operational efficiency and better respond to evolving market dynamics and customer needs.

SK On expects the termination of the joint venture structure to reduce its debt burden by a