SK Innovation to absorb battery separator unit SKIET

SK Innovation will absorb its battery separator subsidiary SK IE Technology, bringing the struggling business back under direct control five years after it went public.

The companies said Tuesday that their boards approved the merger to strengthen SKIET’s financial stability, streamline operations and improve the separator business’s long-term competitiveness.

SK Innovation will remain the surviving company and issue new shares to SKIET shareholders.

Each SKIET common share will be exchanged for