SK Group
From Wikipedia, the free encyclopedia
| SK | |
|---|---|
 |
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| Type | Public |
| Founded | 1962 |
| Headquarters |  Seoul, South Korea |
| Key people | Chey Tae-won, Chairman & CEO |
| Industry | Energy & Chemicals, Telecommunications, Trading & Services |
| Revenue | ▲ $ 75.9 billion (2006) |
| Employees | 25,000 |
| Website | http://www.sk.com |
SK Group (Hangul: SK그룹, 에스케이그룹) is the 3rd largest conglomerate (chaebol) in South Korea. The SK Group is composed of 56 affiliate companies that share the SK brand and culture. In 2006, SK Group recorded combined revenues of $75.8 billion, with exports contributing $26.4 billion of that total. SK Group has more than 25,000 employees who work from 113 offices worldwide. It changed its name from Sunkyung Group in 1997.
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[edit] History
SK Group began when the current founders acquired Sunkyong Textiles in 1953.[1] In 1958, the company manufactured Korea's first polyester fiber on company grounds. It established Sunkyong Fibers Ltd. in July 1969, and started to produce original yarn. In 1973, SK then established Sunkyong Oil, beginning a vertical integration strategy to manage production, "From Petroleum to Fibers.” That same year, the company acquired the Walkerhill Hotel.
In 1976, Sunkyong Corporation received an international trading company license from the Korean government.[2] In December 1980 SK purchased privately-run Korea National Oil, making it Korea’s fifth largest conglomerate. [3] In January 1988, crude oil was imported for processing to Korea from Yemen’s Marib oil field.
In June 1994, SK entered Korea’s telecommunications business by becoming Korea Telecom’s largest shareholder. In January 1996, SK Telecom launched Korea’s first commercial CDMA cellular phone service in Incheon and Bucheon.[4]
In 2002, SK Telecom successfully launched the world’s first commercial CDMA 1X EV-DO technology, allowing it to offer 3G telecommunications service.[5][6] In 2004, SK Telecom enabled satellite DMB service by deploying the world’s first DMB satellite.[7] Moreover, in 2006, SK began revitalizing the 3.5-generation mobile phone market and in the following year, completed the construction of the national HSDPA network. In May 2006, SK Telecom started the world’s first commercial 3.5-generation HSDPA service, featuring high-quality video telephony and data transmission, and global roaming access.[8]
In 1998, Management re-branded Sunkyong to SK. [9] In 1999, SK Chemicals developed third-generation (non cross resistant) platinum-complex anti-cancer agent.[10] Also, by focusing its research and development efforts on life sciences, SK Corporation developed YKP1358, a new drug candidate for schizophrenia, in 2003.[11] [12]
In 2005, SK Networks opened China's first two wholly foreign-owned, gas stations in Shenyang. Then, after exploring Brazilian mining area BM-C-8, SK Corporation developed an oil field where it confirmed the existence of more than 50 million barrels of oil deposits.[13]
SK Gas began developing resources overseas when it participated in two mining areas to the west of Russia’s Kamchatka peninsula in March 2006. In early 2006, SK Networks also developed Ecol-Green, a biodegradable plastic material. Incheon Oil officially started operations using the SK name in March 2006.[14] SK Energy is currently engaged in 27 oil fields in 15 countries worldwide
SKC imported propylene oxide (PO, a chemical used in manufacturing polyurethane) production technology from Germany in May 2006. It is scheduled to produce 100,000 tons of PO from 2008.[15]
At the end of 2005, SK Corp. developed a lithium ion battery separator (LiBS) for the first time in Korea, and started selling the product in 2006. In July 2007, SK Group adopted a holding company structure. [16] [17] Under the re-organization, SK’s main entity, SK Corporation, was split into an investment company, now SK Holdings and an operating company, now SK Energy. The subsidiary companies that now operate under the central SK Holdings umbrella include: SK Energy, SK Telecom, SK Networks, SKC, SK E&S, SK Shipping and K Power
[edit] Core Businesses
SK’s core businesses are energy and telecommunications. Eight SK companies are listed on the Korea Stock Exchange: SK Holdings, SK Energy, SK Telecom, SK Chemical, SKC, SK Networks, SK Gas, and SK Securities. SK Telecom’s ADRs are also listed on the New York Stock Exchange.
[edit] Restructuring
SK restructured in 2007. Under the re-organization, SK’s main entity, SK Corporation, was split into an investment company, now named SK Holdings, and an operating company, now named SK Energy.
[edit] Subsidiaries
The subsidiary companies that now operate under the central SK Corporation holdings umbrella include: SK Energy, SK Telecom, SK Networks, SK C&C, SKC, SK E&S and SK Shipping.
SK Energy (Hangul: SK에너지 or 에스케이에너지, KRXS: 096770) is a South Korea enterprise. SK Energy is a newly formed entity of the former SK Corporation. As of July 1, 2007, SK Corporation was reorganized into a holding company and operating company, SK Holdings and SK Energy, respectively. Founded in 1962 as Korea’s first oil refiner, SK Energy is one of the world’s leading energy and petrochemical companies with 5,000 employees, KRW 23.65 trillion in sales and 26 offices spanning the globe. The company is strategically positioned as Korea’s largest – and Asia’s fourth largest – refiner with a refining capacity of 1.15 million barrels per day, as of 2006. SK Energy’s rapid growth in its business sectors – coupled with an expanding position in China – has helped position it as one of the most significant enterprises in Asia Pacific’s energy marketplace. SK Energy is currently engaged in exploration and development activities in 26 oil / gas blocks in 14 nations worldwide.[18][19]
SK Teletech was a South Korean company specialising in manufacturing mobile phone terminals. It is part of the SK Group and was established in 1998. Its brand name is "SKY". Its market is mainly domestic, but SK Teletech also has interests in Japan, Hong Kong, China, Europe, Australia, Taiwan, the United States, and Canada. The main technology to date has been CDMA but there are plans to expand into other areas. In December 2005, SK Teletech merged into Pantech Curitel, 3 months after news of a 60% stock purchase. Most of the current products sold under the SKY brand name are actually of its sister company "Pantech Curitel" and "Sky Electronics". The Pantech group has the second largest share of the domestic market for CDMA handset, ahead of LG Electronics.
SK Constructions Co, Ltd.' (Hangul: SK건설 or 에스케이건설) is a Korean construction company founded and established in 1977 as previous name is Sunkyung Constructions (hangul: 선경건설 Hanja: 鮮京建設), headquartered in Gwanhun-dong Jongno-gu Seoul, South Korea. and as company of apartment brand is SK View, SK Hub, Apelbaum, at from apartment construction of Korea. the company CEO is Son Kwan Ho. Industries:Oil & Gas, Petrochemical, Power, Environmental Protection, Industrial, Civil, Building, Housing. Services:Feasibility Study, EPC Service, Project Management, Operations & Maintenance.
SK Corporation (Hangul: SK주식회사 or 에스케이주식회사, KRXS: 003600) is a South Korea enterprise. As of July 1, 2007, SK Corporation was reorganized into a holding company and operating company, SK Corporations= and SK Energy, respectively. SK Corporation is a part of the SK Group that focuses on 3 core business interests, Energy & Chemicals, Telecommunications, and Trading & Services. The SK Group is composed of 56 affiliate companies that share the SK brand and culture. In 2006, SK Group recorded combined revenues of $75.8 billion, with exports contributing $26.4 billion of that total. SK continues to expand its global presence, thanks to more than 25,000 employees who work from 113 offices worldwide.
[edit] Management system
SK's subsidiary companies all operate under the SK Management System (SKMS)which was developed, articulated and enhanced by SK’s Chairman, Tae-won Chey.
[edit] References
- ^ Mee Kim, Eun (1999). Big Business--Strong State. SUNY Press, 91. ISBN 0791432092.
- ^ "Diversifying into the Global Marketplace", Korean Integrated News Database System, August 30, 2001.
- ^ Chang, Se-jin (2003). Financial Crisis and Transformation of Korean Business Groups. Cambridge University Press, 70. ISBN 0521814359.
- ^ Kearney (Firm), Kearney, Inc, A. T (2000). Sustaining Corporate Growth: Harnessing Your Strategic Strengths. CRC Press, 75. ISBN 1574442899.
- ^ "South Korea the World’s First 3G Network", 3GNewsroom.com, May 31, 2001.
- ^ "SK Starts New Generation Mobile Phone Service", Korean Integrated News Database System, January 27, 2002.
- ^ "Questions, Expectations over DMB Service", Korea.net, March 20, 2004.
- ^ SK Telecom Selects LGE, Nortel UMTS/HSDPA Wireless Broadband Technology (html). Retrieved on 2008-01-23.
- ^ Sunkyong Sets Sails as SK Group Today (html). Retrieved on 2008-01-23.
- ^ "Korea’s first locally developed drug gets KFDA approval", Korean Integrated News Database System, July 15, 1999.
- ^ "SK gets nod to test Schizophrenia drug", Korean Integrated News Database System, September 7, 2003.
- ^ "SK Corporation Announces Another IND, Schizophrenia Drug YKP1358", High Beam Research, October 8, 2003.
- ^ "SK Energy Acquires Oil Production Rights in Brazil", Korea.net, July 30, 2007.
- ^ SK Corp. buys Inchon to raise oil exports (html). Retrieved on 2008-01-23.
- ^ "Uhde will build SKC HPPO unit", Korea.net, May 22, 2006.
- ^ SK Corp to split as adopts holding co. structure (html). Retrieved on 2008-01-23.
- ^ SK Launches Holding Company System (html). Retrieved on 2008-01-23.
- ^ "China Aviation faces 3rd creditor lawsuit", International Herald Tribune, February 24, 2005.
- ^ "New probe hits SK chief", BBC News, September 22, 2003.
[edit] External links
- Korea Times, "SK Launches Holding Company System", 2007-07-02
- Fortune Magazine, Fortune Global 500, 2007-07-11
- Forbes Magazine, Forbes Global 2000, 2007
