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South Korea's second-largest conglomerate was expected to
announce $22 billion in new investments in U.S. manufacturing,
the White House said.
SK Group includes world's second-largest memory chipmaker SK
Hynix as well as SK Innovation, the parent of South Korea's
largest refiner SK Energy and battery maker SK On. SK officials
in Seoul did not immediately offer details of the plan.
"This announcement by SK Group is also another proof point of
the success of the Administration's efforts to create more
resilient and secure supply chains and outcompete the rest of
the world in the technologies of the future," a White House
spokesperson said.
The SK Group's battery unit has announced investment of about
$6.2 billion since 2018 to build two stand-alone factories in
Georgia and three plants with Ford Motor Co in Tennessee and
Kentucky.
SK's chairman said last year it planned to invest about $52
billion in the United States through 2030.
In May, SK Group said it will invest 247 trillion won ($195.24
billion) in the semiconductor, battery and biopharmaceutical
sectors over the next five years in South Korea and overseas.
[nS6N2WO001]
U.S. President Joe Biden will meet virtually on Tuesday with SK
Group Chairman Chey Tae-won to discuss the company's investments
in American manufacturing and jobs, the White House said
earlier.
(Reporting by Jeff Mason and Jack Kim; Additional reporting by
Heekyong Yang and Joyce Lee; editing by Jacqueline Wong and
Jason Neely)
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