SL Bionics "Accelerating New Business with Addition of Secondary Battery Materials and Refining Business Purposes"

[Asia Economy Reporter Jang Hyowon] SL Bionics announced on the 21st through a public disclosure that the board of directors resolved to add business purposes to enhance management efficiency and to add new businesses through mergers.

SL Bionics added a total of 29 business purposes related to secondary battery materials and refining businesses, including recycling of waste batteries, development, manufacturing, sales, and research of secondary battery materials, and sales and brokerage of petrochemical products.

With the strong sales of electric vehicles and the secondary battery materials business, which is called a future industry, as well as the refining business expected to continue growing due to the recent trend of rising oil prices, the company plans to generate profits through portfolio diversification.

The company expects to contribute to increased sales and operating profit based on the production capabilities of Woosung Industry, which recently decided to merge. It is also known to be preparing to enter the secondary battery materials business, including waste battery recycling and export of core secondary battery materials.

An SL Bionics official said, “We decided to add business purposes to respond to changes in the economic situation such as the favorable secondary battery materials market and high oil price trend, and to improve management efficiency through business diversification. We will do our best to maximize corporate value and generate long-term profits through the expansion of new businesses considered future growth engines.”

Meanwhile, despite the recent agreement by the Organization of the Petroleum Exporting Countries (OPEC) Plus (+) to increase production, the dominant market view is that it will not lead to actual production increases. Goldman Sachs has forecast the average oil price for the second half of this year and the first half of next year to be $135, higher than its previous forecast.

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