Summary
SK Group is a conglomerate that originated from Sunkyong Group, which was engaged in video tape and school uniform (apparel) businesses. In 2022, it surpassed Hyundai Motor Group to become the second largest conglomerate in Korea after Samsung. The founder, Chairman Chey Jong-gun, established Sunkyong Textiles Co., Ltd. in 1953 as a purely private enterprise after receiving it from the government. Sunkyong Textiles is the origin of SK Networks, which is the parent company of SK Group today. From the 1970s to the 1980s, the Group diversified its business structure from textiles to oil, chemicals, energy, pharmaceuticals, securities, telecommunications, semiconductors, and more. The group was renamed SK Group in 1998.
SK Group operates its business centered around holding companies such as SK Inc. and SK Discovery, and is involved in energy & chemicals, information & communication, semiconductors, bio-pharmaceuticals, logistics, and trading. The Group has a total of 100 affiliates, including 18 listed companies and 82 unlisted companies. Its listed companies include SK Networks, SK Discovery, SKC, SK Gas, SK Inc., SK Telecom, Busan City Gas, SK D&D, SK Innovation, SKC Solmics, SK Hynix, iriver, SK Bioland, SK Materials, S.M. Core, NanoEntek, and SK Chemicals.
In 2022, SKC met the requirements to become a holding company, increasing the number of holding companies within SK Group to a total of six. According to the current Enforcement Decree of the Fair Trade Act, a company is considered a holding company if its total assets on the balance sheet exceed 500 billion won and the combined stock of its subsidiaries exceeds half of its total assets. The six holding companies in SK Group are SK Inc., SK Innovation, SK Discovery, SK Square, SKC, and SKCFT Holdings. Among them, SK Discovery is led by Vice Chairman Chey Chang-won, a cousin of Chairman Chey Tae-won, and operates as a virtually independent management structure.
Timeline
▲ 1953 = Foundation of Sunkyong Textile.
▲ 1966 = Sunkyong Textile acquired Overseas Merchandise Corporation, later renamed Overseas Textile.
▲ July 1969 = Sunkyong Chemical Fiber separated its polyester factory and formed Sunkyong Synthetic Fiber.
▲ February 1973 = Sunkyong Textiles began sponsoring the academic student quiz show, “MBC Janghak Quiz.”
▲ 1973 = The late chairman Chey Jong-hyon was appointed CEO of Sunkyong Chemical Textile and Sunkyong Polyester and Chairman of Sunkyong Textile.
▲ 1974 = The late chairman Chey Jong-hyon established the Korea Foundation for Advanced Studies.
▲ 1976 = Establishment of General Trading Company.
▲ 1977 = Sunkyong Chemicals, now known as SKC, became Korea’s first company to develop polyester film successfully.
▲ 1979 = Establishment of the SK Management System (SKMS).
▲ 1980 = Acquisition of Korea Oil Corporation, beginning SK’s vertical subsidiary model.
▲ 1991 = Sunkyong Industry launches a life science research and development (R&D) center.
▲ 1991 = Sunkyong became the first Korean company with an office in Beijing, China.
▲ 1994 = The late chairman Chey Jong-hyon participated in the bidding for the Korea Mobile Telecommunications Service Corp.
▲ 1995 = Construction completed on the SK Research Center in Daedeok-gu, Daejeon.
▲ 1996 = The Korea Mobile Telecommunications Service Corporation successfully commercializes the Code Division Multiple Access (CDMA) for the first time in the world.
▲ January 1998 = Completion of new corporate identities (CIs): SK telecom and SK holdings.
▲ 1998 = Chey Tae-won was inaugurated as Chairman of SK holdings.
▲ 1999 = SK leaders convened in Beijing for a CEO Seminar to strategize SK’s expansion into China.
▲ 2004 = SK declared “Maximization of Happiness” as its new corporate philosophy, and launched the SK Volunteer Service Team.
▲ 2005 = SK launched “Happy Business Management” alongside a new logo, the “Wings of Happiness.”
▲ 2006 = Establishment of SK Happiness Foundation.
▲ 2007 = SK holdings Co., Ltd. and SK Energy emerged as SK introduced a holding company structure.
▲ 2009 = Celebration of the 30th anniversary of SK’s Management System (SKMS).
▲ 2010 = Launch of SK China.
▲ 2011 = SK energy unveiled three new independent companies: SK innovation, SK energy, and SK chemicals.
▲ 2012 = Launch of SK hynix.
▲ November 2013 = SK introduced “Independent Yet United, 3.0,” a new group management strategy.
▲ 2013 = SK chemicals and Sinopec formed joint venture.
▲ 2014 = Celebrating the 40th Anniversary of the Korea Foundation for Advanced Studies.
▲ 2015 = SK holdings merged with SK C&C.
▲ 2016 = SK holdings acquired OCI Materials and renamed it SK Materials.
▲ 2016 = SKMS revised to align with market trends.
▲ 2017 = SK announced the purchase of LG Siltron.
▲ 2017 = SK hynix invested in Toshiba Memory.
▲ 2018 = SK telecom acquired ADT CAPs.
▲ 2018 = SK hynix completed M15 production line.
▲ 2018 = SK holdings acquired AMPAC Fine Chemicals.
▲ 2019 = Chairman Chey Tae-won declared 2019 as the first year of happiness-based management.
▲ 2019 = SK signed a $1 billion strategic partnership with Vingroup.
▲ 2019 = SK telecom launched the world’s first national 5G networks.
▲ 2019 = SK hynix began mass-producing the world’s first 128-layer 1Tb Triple-Level Cell 4D NAND-Flash.
▲ 2019 = SK biopharmaceuticals became the first Korean company to receive U.S. FDA approval for a new drug.
▲ February 2020 = SK Group updated management system in the 14th revision.
▲ March 2020 = SK Energy completed construction of a new Vacuum Residue Desulfurization (VRDS) facility.
▲ April 2020 = SKC’s copper foil manufacturing affiliate rebranded to SK Nexilis.
▲ July 2020 = SK Biopharmaceuticals began listing on the Korea Exchange.
▲ November 2020 = Eight SK businesses joined the more than 270 companies of the RE100 as its first South Korean members.
▲ December 2020 = SK Inc. launched a new Hydrogen Business Division.
▲ December 2020 = SK Group updated and expanded its Corporate Identity (CI) – the Wings of Happiness.
▲ February 2021 = SK E&S and SK Inc. announced a $1.6 billion investment and strategic partnership with the U.S.-based Plug Power Inc.
▲ June 2021 = SK Inc. invested in Monolith Materials, a U.S. Producer of Green Hydrogen and Green Solid Carbon.
▲ August 2021 = SK Bioscience, SK IE Technology, and SK REIT listed on the Korea Exchange.
▲ October 2021 = SK Telecom established SK Square as a new ICT investment company.
▲ October 2021 = SK Innovation split off its battery business with the launch of SK On.
▲ November 2021 = SK Inc. and SK Materials merged to strengthen its high-tech materials business.
▲ November 2021 = SK On established joint venture with Ford Motor Company.
▲ December 2021 = SK hynix completed the first phase of Intel NAND and SSD business acquisition.
