SK On to raise W1tr via rights offering

SK On is looking to raise 1 trillion won ($755 million) through a rights offering as the battery maker continues efforts to improve its financial structure amid ongoing losses due to the sluggish growth of the electric vehicle market. Parent company SK Innovation announced in a regulatory filing on Wednesday that it plans to issue about 18 million new shares of SK On at a price of 55,458 won. The rights offering will take place in the form of a price return swap, through which a business guarant

Oct. 3, 2024

Lotte ups outreach for children and women

Lotte Corp., the South Korean holding company of Lotte Group, is strengthening its corporate social responsibility campaigns, placing particular focus on children, women and military personnel. Since 2017, the company has been supporting local community centers dedicated to after-school care for children, creating garret-style shelters equipped with cultural and interactive materials, it said. To date, Lotte Corp. has supported 87 centers nationwide, with plans to expand to areas including Daegu

Oct. 3, 2024

Coupang’s one-day luxury delivery service rebrands as R.LUX

South Korean e-commerce giant Coupang said Wednesday that it has rebranded its one-day delivery service for premium beauty products as R.LUX, introducing a dedicated app to enhance user experience. Initially launched as Rocket Luxury in July 2023 as part of Coupang’s strategy to expand into the premium beauty market, the service was rebranded as R.LUX to elevate the shopping experience and create a stronger, more distinctive identity, the company said. The platform offers improved featur

Oct. 2, 2024

Food tycoon Paik Jong-won's Theborn Korea pushes toward IPO

Celebrity entrepreneur and chef Paik Jong-won’s yearslong effort to list his food franchise firm Theborn Korea on the country’s main bourse has cleared its first hurdle, yet challenges remain as the fate of the company heavily depends on his fame. Supported by a strong brand lineup and the rising public profile of its CEO Paik, Theborn Korea passed the preliminary review by the Korea Exchange for its initial public offering on Aug. 30, about three months after submitting its applicat

Oct. 2, 2024

KT&G showcases flagship tobacco brands at global duty-free expo

South Korea's leading tobacco company KT&G said on Wednesday that it is showcasing its top duty-free products at the TFWA World Exhibition & Conference in Cannes, France, to strengthen its presence in the international duty-free market. The company is displaying its premium brands such as Raison, Bohem and Esse -- the world’s bestselling ultra-slim cigarette -- while emphasizing its global business performance at its booth installed at the event from Sept. 30 through Oct. 3. M

Oct. 2, 2024

Hanwha Qcells sells 142 MW solar power project in Washington

Hanwha Solution’s Qcells, the solar energy division under Korean conglomerate Hanwha Group, has sold a 142 megawatt solar photovoltaics project to Washington state’s largest utility company Puget Sound Energy, Hanwha Qcells said Wednesday. Hanwha Qcells highlighted that the sale of the solar power project signifies optimizing the profit structure by selling the developmental assets and securing a turnkey contract for the services of engineering, procurement and construction, or EPC.

Oct. 2, 2024

[Photo News] Hanwha to light up Seoul skies

The 2024 Seoul Fireworks Festival, hosted by Hanwha Corporation, will light up Yeouido Hangang Park this Saturday with stunning pyrotechnics. Teams from Japan, the US and South Korea will showcase innovative fireworks displays, blending tradition with modern technology. Hanwha’s display, the largest of the night, will synchronize fireworks bursts across multiple bridges, creating a citywide spectacle. Signature effects include the breathtaking “Niagara Falls” fireworks from Won

Oct. 2, 2024

[KH Explains] Hanwha Aerospace vies for Chunmoo export to Norway

Hanwha Aerospace is looking to export Chunmoo, the self-developed multiple rocket launch system, to Norway as the Korean defense firm pins hopes on expanding its market presence in Europe. Hanwha Aerospace showcased a life-sized Chunmoo for the first time in Europe at the Eurosatory defense show in Paris in June this year, emphasizing the company’s willingness to secure more clients in the region beyond Poland. Defense industry experts say weapons system manufacturers do not exhibit actual

Oct. 1, 2024

Hyundai partners with Saudi's Misk to nurture youth talent

Hyundai Motor Group has partnered with Saudi Arabia’s Misk Foundation to develop young local talent and explore collaboration in smart city development. The two organizations signed a memorandum of understanding on Monday in the Saudi capital Riyadh, with the agreement formalized by Lee Jae-yong, head of smart city development at Hyundai’s Global Strategy Office, and Badr Hamoud Albadr, CEO of the Misk Foundation. The Misk Foundation, established in 2011 by Saudi Crown Prince Mohamme

Oct. 1, 2024

Daewoong's new drug patents reach 88% of total

South Korean drug maker Daewoong Pharmaceutical said Monday that more than 88 percent of its patents registered over the past five years in the country have been for new drugs, reflecting the firm’s efforts to enhance its competitiveness in both domestic and global markets through the development of advanced pharmaceuticals. According to data from the Ministry of Food and Drug Safety, Daewoong registered nine domestic patents from 2020 to September 2024. Of these, eight are related to the

Sept. 30, 2024

Hyundai Steel's Hcore Store evolves to boost B2C sales

South Korean steelmaker Hyundai Steel is seeking to beef up its online sales capabilities through Hcore Store, the company’s e-commerce platform dedicated to steel products for construction, by diversifying offerings and introducing services to enhance customer convenience on the platform. Launched in July 2023, Hcore Store initially focused on promoting Hyundai Steel’s earthquake-resistant building material brand, Hcore. The platform began with core construction materials like rebar

Sept. 29, 2024

LG Energy Solution seeks top talent at battery event

LG Energy Solution continues to put efforts into gathering top battery talents as the company looks for future leaders in the industry by hosting recruitment events. According to the battery maker Sunday, it held a Battery Tech Conference, or BTC, the company’s annual offline recruitment event, at LG Science Park in western Seoul on Friday. The last BTC took place in New York in May this year, gathering some 40 master’s and doctoral candidates from top-ranked schools in the US includ

Sept. 29, 2024

SK On offers voluntary retirement amid losses

SK On, the battery manufacturing subsidiary of SK Group, has announced the launch of a voluntary retirement program as part of its efforts to enhance workforce efficiency and to turn a profit by the end of this year. In a statement released Thursday, SK On outlined two key initiatives: a special leave program aimed at fostering employee development and a voluntary departure program for workers considering early retirement. These measures come as the company navigates a slowdown in the EV industr

Sept. 26, 2024

HanmiGlobal ranks 8th in global CM/PM sales

South Korean construction management firm HanmiGlobal said Thursday that it has been ranked 8th in Engineering New Record’s top construction management and project management firms of the year. This year marks the fourth consecutive year the firm has secured a spot in the top 10. The annual ranking is determined based on global sales in the previous year, including those from the US. In 2023, HanmiGlobal posted $244.8 million in construction management and project management sales. In last

Sept. 26, 2024

CJ's Miky Lee honored with Global Citizen Award

Miky Lee, vice chair of CJ Group and its entertainment and media subsidiary CJ ENM, made history as the first Asian female entrepreneur to receive the Global Citizen Award at the Atlantic Council’s ceremony in New York on Monday. “Entertainment may not have the power to end wars, but it does have the power to build bridges. Bridges of compassion, hope and empathy,” Lee told over 700 influential attendees at the Ziegfeld Ballroom, emphasizing the transformative power of culture,

Sept. 26, 2024

Coway powers up savings with energy-efficient appliances

South Korean home appliance maker Coway is redefining the market with high-efficiency products designed to ease the burden on consumers amid rising electricity costs. The company has integrated advanced technologies across its product lines -- water purifiers, air purifiers and bidets -- to reduce energy consumption and lower electricity bills for consumers. Two flagship products, the Icon Ice Water Purifier and Prime Stand Water Purifier, have gained attention in the Korean market for their exc

Sept. 25, 2024

Samsung Biologics unveils new contract development platforms in US

Samsung Biologics said Wednesday that it is participating in BioProcess International 2024, a global biopharmaceutical conference in Boston, where it has been showcasing new contract development platforms. BioProcess International 2024, which began Monday and runs through Thursday, is an annual event that brings together experts and companies from around the world to share the latest advancements in biopharmaceutical technologies. This year, over 220 companies are exhibiting. Samsung Biologics h

Sept. 25, 2024

Young Poong adviser says teaming up with MBK Partners meant to save Korea Zinc

The adviser of Young Poong Corp., the biggest shareholder of Korea Zinc Inc., on Tuesday defended Young Poong's joint tender offer to buy the top zinc smelter with private equity firm MBK Partners as an attempt to save the company. Chang Hyung-jin, son of Young Poong co-founder Chang Byung-hee, made the remark in a rare interview with the local wire Yonhap News Agency, as a management conflict flared up over the share purchase plan, which Korea Zinc has strongly protested as a "hostile

Sept. 24, 2024

Korea Zinc’s tit-for-tat dispute with MBK escalates

The vice chairman of Korea Zinc on Tuesday strongly condemned a takeover attempt by its major shareholder Young Poong, which teamed up with private equity firm MBK Partners for the bid, calling it a “predatory action” that would lead to the outflow of homegrown technology and put the country’s industrial competitiveness under threat. “Non-ferrous metals are a vital industry that supplies key raw materials to major domestic industries such as automobiles, semiconductor

Sept. 24, 2024

Daewoo E&C, Czech's Sudop Praha sign MOU for nuclear plant project

South Korean builder Daewoo Engineering & Construction said Tuesday it has signed a memorandum of understanding with Czech infrastructure company Sudop Praha as part of efforts to strengthen its partnership with local firms in constructing nuclear power plants in the Czech Republic. According to Daewoo E&C, the signing ceremony took place during South Korean President Yoon Suk Yeol’s visit to Doosan Skoda Power -- the Czech subsidiary of Doosan Enerbility, specializing in power gen

Sept. 24, 2024