By Park Si-soo
SK Group Chairman Chey Tae-won made his first overseas trip Wednesday after his release from prison on Aug. 14.
Chey is visiting the company's semiconductor and petrochemical plants in China. He also will visit Taiwan, returning to Seoul early next month.
Key executives, including SK hynix CEO Park Sung-wook, SK Global Chemical CEO Cha Hwa-youp and SK E&S CEO Yu Jeong-joon, are travelling with him.
The semiconductor plant is in Wuxi, Jiangsu Province and produces nearly 50 percent of the company's DRAM chips. SK hynix is the world's second-biggest chip maker after Samsung Electronics. It reported second-quarter sales of 4.639 trillion won, up 18 percent year-on-year, and 1.37 trillion won in operating profit, up 27 percent.
The petrochemical plant is in Wuhan, Hubei Province, which SK built with China's state-run petrochemical company, Sinopec. The two companies spent 3.3 trillion won ($2.78 billion) on the plant that produces 2.5 million tons of petrochemical products.
It started commercial production early last year and reported 168 billion won in operating profit in the first half.
"The chairman has pledged that he will stay overseas for nearly half a year exploring new business areas and developing new markets," said Lee Man-woo, an SK spokesman. "He has a strong commitment to developing overseas markets, which will help SK's sustainable growth as well as the nation's economic development."
Chey will visit the chip plant for the first three days, during which he will meet executives there and discuss key issues facing the plant.
"The (Chinese) plant has played a pivotal role in making today's SK hynix," an SK official said. Chey also will meet Wuxi government officials to discuss a variety of issues, he said.
The official said the chairman was interested in the sizable delta near Wuxi, which houses industry that contributes an estimated 21 percent of China's gross domestic product (GDP).
"The delta is one of the key pillars of the Chinese economy," the official said. "There would be something SK needs for its expansion there."
In Taiwan, Chey is expected to meet his counterparts at Hon Hai, a leading information technology company. SK and Hon Hai formed a strategic partnership in June last year and have carried out a variety of joint businesses, especially involving the Internet of Things and big data. In May, the two companies established a joint venture, FSK Holdings.
On top of this, SK has expanded its partnership with companies in Saudi Arabia, Japan and Turkey.
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Chey Tae-won |
Chey is visiting the company's semiconductor and petrochemical plants in China. He also will visit Taiwan, returning to Seoul early next month.
Key executives, including SK hynix CEO Park Sung-wook, SK Global Chemical CEO Cha Hwa-youp and SK E&S CEO Yu Jeong-joon, are travelling with him.
The semiconductor plant is in Wuxi, Jiangsu Province and produces nearly 50 percent of the company's DRAM chips. SK hynix is the world's second-biggest chip maker after Samsung Electronics. It reported second-quarter sales of 4.639 trillion won, up 18 percent year-on-year, and 1.37 trillion won in operating profit, up 27 percent.
The petrochemical plant is in Wuhan, Hubei Province, which SK built with China's state-run petrochemical company, Sinopec. The two companies spent 3.3 trillion won ($2.78 billion) on the plant that produces 2.5 million tons of petrochemical products.
It started commercial production early last year and reported 168 billion won in operating profit in the first half.
"The chairman has pledged that he will stay overseas for nearly half a year exploring new business areas and developing new markets," said Lee Man-woo, an SK spokesman. "He has a strong commitment to developing overseas markets, which will help SK's sustainable growth as well as the nation's economic development."
Chey will visit the chip plant for the first three days, during which he will meet executives there and discuss key issues facing the plant.
"The (Chinese) plant has played a pivotal role in making today's SK hynix," an SK official said. Chey also will meet Wuxi government officials to discuss a variety of issues, he said.
The official said the chairman was interested in the sizable delta near Wuxi, which houses industry that contributes an estimated 21 percent of China's gross domestic product (GDP).
"The delta is one of the key pillars of the Chinese economy," the official said. "There would be something SK needs for its expansion there."
In Taiwan, Chey is expected to meet his counterparts at Hon Hai, a leading information technology company. SK and Hon Hai formed a strategic partnership in June last year and have carried out a variety of joint businesses, especially involving the Internet of Things and big data. In May, the two companies established a joint venture, FSK Holdings.
On top of this, SK has expanded its partnership with companies in Saudi Arabia, Japan and Turkey.
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