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SK materials announced this week that it had renamed the company, and it is now doing business as SK Specialty. The South Korean chemicals firm said that it made this move to underscore its new material business.
SK materials is one of SK Group's subsidiaries, and it will be expanding its business portfolio from its current trade model that is focused on specialty gas for semiconductors and high value-added products or modified raw materials such as wet chemicals and secondary battery materials.
According to Pulse News, the newly renamed SK Specialty is aiming to increase its revenue which has stayed in the mid-600 billion won range or $484 million last year, to more than one trillion won by the year 2025.
The company revealed its new name earlier this week, and with this small change, SK Specialty is hoping to achieve its goal not just in terms of profits but its aim to become a global environmentally-friendly gas and chemical technology firm. Moreover, the new name is said to contain the company's will to lead in the special gas trading sector as well as with its new chemical biz.
Korea's ET News further reported that SK Specialty is banking on its existing and new business to successfully reach its goal. Tit will be boosting its production of monosilane to grow in the battery market, which is also one of its ventures. The said material is a key component in the production of silicon anode materials that are used for making the next-generation battery technology.
"Our new name reflects the company's long-term vision and aspiration to become a sustainable specialty gas and chemical company," SK Specialty president, Kyu Won Lee, said in a press release. "In order to not settle with our current status, we will become the company that our society and customer need."
Finally, SK specialty is also pushing for its research and development (R&D) unit to further strengthen its material commercialization capabilities. The R&D has been set up at the Sejong Campus, and it will focus on advanced materials. This division was launched this year, and it strives to develop new technologies for various materials fit for the next generation.
