Hyundai Mobis, an auto parts affiliate of Hyundai Motor Group, said Thursday it will set up two manufacturing subsidiaries -- one in charge of modules and the other for auto parts -- that will be wholly owned by the company. Its current module manufacturing units located in Ulsan, Gwangju and Hwaseong, Gyeonggi Province, will come under the module subsidiary, while the auto parts manufacturing units in charge of air bags, lamps, brakes, steering and electrification will come under the au

Union opposition, regulatory stand as hurdles for Kakao Mobility’s expansion

SK Group, South Korea‘s second-largest conglomerate by assets, has completed a $150 million deal to buy a stake in US energy solution firm Atom Power, according to the group Thursday. The group’s affiliates, holding company SK Inc. and oil refinery SK Energy, have purchased the undisclosed amount of the controlling stake. Atom Power, based in Huntersville, North Carolina, is dedicated to semiconductor chip-powered solid-state digital circuit breakers for customized control of ele

A next-generation secondary battery joint venture backed by South Korean manufacturers including Eurocell has been in talks with the Netherlands authorities to pick the nation as the site for its first European gigafactory, according to the company Thursday. The Anglo-Korean joint venture Eurocell EMEA, based in Birmingham, the United Kingdom, is expected to build the new facility in two phases following a total of $800 million investment by 2025. “With rapid expansion plans in Europe,

South Korean chip design house LX Semicon is seeking shareholder approval for a delisting from the stock market’s Kosdaq development board and a listing on the main board Kospi, filings showed Thursday. LX Semicon, a chipmaker dedicated to display driver integrated circuits for TVs and mobile phones, is scheduled to hold an extraordinary shareholder meeting on Sept. 23 at its headquarters in Daejeon. The listing change earned board approval Wednesday, 13 years after the listing on the Ko

German electronics technology firm Merck announced Wednesday that it has signed a deal to acquire the semiconductor-grade industrial gas and chemical operation of Korea-based listed company Mecaro for 110 million euros ($111.9 million). The transaction will involve business assets dedicated to chemical precursors used in thin film deposition for semiconductors, as well as some 100 employees. Mecaro is expected to split off the chemical business for the deal. The cash deal is expected to be clo

China risk, supply chain disruptions cited as key concerns

Hefty subsidies axed for eco-friendly cars made in South Korea

Top brass at SK companies rewarded with hefty incentives on upbeat earnings

Korea Line Corp., South Korea's No. 2 bulk carrier, said Wednesday its earnings reached a new all-time high in the first half of the year amid high freight rates. Net income came to 144.2 billion won ($110 million) in the January-June period, the shipping company said. The on-year growth rate was not disclosed. Sales spiked nearly 58 percent on-year to 778.9 billion won, with its operating income shooting up 65 percent to 142.3 billion won. Bolstered by bumper first-half earnings, Korea Lin

Korea Astronomy and Space Science Institute’s cryogenic vacuum chamber to test performances of NASA’s telescope

Lotte Group Chairman Shin Dong-bin was the highest paid among leaders of top conglomerates during the first half of the year, data showed Tuesday. Shin topped the list by receiving 10.28 billion won ($7.84 million) from six Lotte affiliates during the January-June period, up more than 2 billion won from a year ago, securities filings showed. He was followed by LG Group Chairman Koo Kwang-mo with 7.1 billion won, including 4.85 billion won in incentives. Hanwha Chairman Kim Seung-yeon earned m