(RTTNews) - South Korea-based SK On, a subsidiary of SK Innovation Co., Ltd. (096770.KS), Thursday announced its decision to dissolve its joint venture with Ford Motor Company (F) to focus on other growth sectors.
As part of this move, each company will independently own and operate its portion of the joint battery factories' production facilities in the United States.
Notably, a Ford subsidiary will take full ownership of the battery plants in Kentucky, whereas SK On will assume full ownership and operate the battery plant in Tennessee.
The battery maker expects the recent move to strengthen battery productivity as well as boost its entry into North American energy storage system business.
SK's stock closed at KRW 112,300.00, down 3.69 percent on the Korean Stock Exchange. Meanwhile, Ford's stock is trading at $13.41, up 0.02 percent in the pre-market hours on the New York Stock Exchange.
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