South Korea’s SK Hynix, the world no.2 memory chip maker, will invest 103 trillion won through 2028 to strengthen its chips business, focusing on AI, its parent SK Group said on Sunday.
The sprawling conglomerate outlined the plans following a two-day strategy meeting, aiming to revive the group after SK Hynix, its main money maker, and the group’s electric vehicle battery arm suffered heavy losses. At a time of transition, a “pre-emptive and fundamental change is necessary,” SK Group Chairman Chey Tae-won was quoted as saying in the statement
Local media had said SK Innovation, which owns the county’s largest oil refiner and battery maker SK On, was expected to pursue a merger with profitable gas affiliate SK E&S.
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