SK Group Plans to Expand into American Markets
Like Hyundai, LG, and Samsung, SK plans to expand into the U.S. market.
For example, the SK Group, operator of the nation's largest oil refiner, is bolstering its efforts to secure its presence on the world market with ambitious plans to become a major global player.
According the Korea Herald, reinforcing its commitment to branch out from its three core areas of energy, chemicals and mobile telecommunications in the United States, Chairman Chey Tae-won said he believes further expansion into the U.S. market is crucial for the group's globalization plans.
"This is going to be a starting point to build up our global business network," said Chey during a February business trip to the US. He formerly spearheaded the group's mobile communications operation and earlier studied economics at Chicago University in the late 1980s.
SK set up a resource and international division to oversee all overseas businesses from the beginning of this year. It will also help the company develop lucrative energy exploration and production projects overseas, according to the officials.
The group's mobile telecommunications business already has a foothold in the United States.
SK Telecom Co., Korea's largest mobile-phone operator, set up a joint venture with Earthlink Inc., a U.S. Internet service provider, last month. The $440 million joint venture will involve offering wireless services in North America starting in September this year.
SK Telecom had 18.78 million wireless subscribers as of Dec. 31. Atlanta-based Earthlink has more than 5 million subscribers.
For example, the SK Group, operator of the nation's largest oil refiner, is bolstering its efforts to secure its presence on the world market with ambitious plans to become a major global player.
According the Korea Herald, reinforcing its commitment to branch out from its three core areas of energy, chemicals and mobile telecommunications in the United States, Chairman Chey Tae-won said he believes further expansion into the U.S. market is crucial for the group's globalization plans.
"This is going to be a starting point to build up our global business network," said Chey during a February business trip to the US. He formerly spearheaded the group's mobile communications operation and earlier studied economics at Chicago University in the late 1980s.
SK set up a resource and international division to oversee all overseas businesses from the beginning of this year. It will also help the company develop lucrative energy exploration and production projects overseas, according to the officials.
The group's mobile telecommunications business already has a foothold in the United States.
SK Telecom Co., Korea's largest mobile-phone operator, set up a joint venture with Earthlink Inc., a U.S. Internet service provider, last month. The $440 million joint venture will involve offering wireless services in North America starting in September this year.
SK Telecom had 18.78 million wireless subscribers as of Dec. 31. Atlanta-based Earthlink has more than 5 million subscribers.
It sounds great, isn't it?
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ReplyDeleteThe SK-Earthlink joint venture is exciting. How SK approaches "expansion" in America will be interesting to watch. Their earlier venture SK Global proved to be a disaster.
ReplyDeleteHope to know more about this topic. Thanks.
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ReplyDeleteDo you have a Korean version?
ReplyDeleteDo you have a Korean version?
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ReplyDelete