This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

SK Continental E-motion Launches Global Battery Business

BERLIN, HANOVER, Germany, REGENSBURG, Germany, and SEOUL, South Korea, Jan. 22, 2013 /PRNewswire/ -- At the beginning of this year, SK Continental E-motion closed the transaction and officially started operations following the approval of the relevant authorities. The company, which was established by SK Innovation, Seoul ( South Korea), and Continental, Hanover ( Germany), will jointly develop, produce and distribute lithium-ion based battery systems for cars and light commercial vehicles. All relevant authorities have given unrestricted approval to the antitrust application submitted by the two companies. All provisions of the agreement signed on July 23, 2012 came into force on completion of the approval process.

"Bringing together the capabilities of both companies opens up completely new options for the future of mobility. SK Continental E-motion's battery systems will be among the most advanced designs in the global automotive market," said Ja Young Koo, President & CEO of SK Innovation. "The synergies generated by Continental's extensive systems expertise and automotive engineering skills together with SKI's technological leadership in battery cells and separators will enable us to make SK Continental E-motion one of the world's leading suppliers of battery systems," added Dr. Elmar Degenhart, chairman of Continental's executive board.

SK Innovation has a 51 percent stake in the new company while Continental owns 49 percent. Both Continental and SK Innovation plan to invest about 270 million Euros in SK Continental E-motion for the next five years.

The business strategies of SK Innovation and Continental will not be affected by their joint management of this new venture and both companies will continue to supply their customers in the automotive industry with their complete product range. SK Continental E-motion started working on initial development programs in the 48V mild hybrid segment as well as for commercial vehicle applications.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs