Earnings

Hyundai Motor Q1 net triples; chip shortage dims Q2 outlook

South Korea’s top automaker Hyundai Motor Co. said on Thursday its first-quarter net profit nearly tripled to the highest level in four years, driven by pricey sport utility vehicles and premium Genesis models. But the company warned of a tough business condition in the se

Stake sale

IMM PE to acquire 40% stake in SK Lubricants for $900 mn

Seoul-based IMM Private Equity will acquire a 40% stake in South Korea’s SK Lubricants Co., wholly owned by SK Innovation Co., for about one trillion won ($900 million). According to investment banking sources on Apr. 22, IMM PE will sign a sale and purchase agreement next

Defense industry

Hanwha Defense readies full-scale USV development

Hanwha Defense Co., a wholly owned defense solutions subsidiary of Hanwha Aerospace Co., received a go-ahead sign from South Korea’s defense procurement agency to kick off the next phase in the government-led unmanned surveillance vehicle (USV) development project. The De

Foundry expansion

SK Hynix chief hints at expanding foundry business

SK Hynix Inc., the world’s second-largest memory chipmaker, may expand its foundry business as a growing number of industries are suffering from depleting chip supplies. Park Jung-ho, co-vice chairman and co-CEO of SK Hynix, told reporters on Apr. 21 that he sees the need to invest more in the foundry business, which makes semiconductors for fabless firms, including chip designers. “Domestic fabless companies are asking (us) for fou