SKC Copper Foil Business KCFT Changes Company Name to 'SK Nexilis'

[Asia Economy Reporter Park So-yeon] SKC is accelerating efforts to secure production capacity befitting its global No.1 technology by changing the name of its copper foil manufacturing investment company KCFT to 'SK Nexilis.'

On the 29th, SK Nexilis announced that it held a board meeting and an extraordinary general meeting of shareholders last week, approved the agenda including the amendment of the articles of incorporation to change the company name, and completed the final registration of the name change. The name is inspired by the Latin word 'nexilis,' meaning connection, embodying the aspiration to "connect the mobility of the future society (Next Society) with overwhelming technology."

SKC officially announced the acquisition of KCFT in June last year and proceeded with domestic and international merger notification procedures, completing the acquisition by fully paying the stock price in January this year. As a result, SKC now holds 100% of SK Nexilis shares.

SK Nexilis (formerly KCFT) is a specialized manufacturer of copper foil, a core material for battery anodes, possessing world-class technology. In October last year, it demonstrated the technology to mass-produce ultra-thin copper foil with a thickness of 4μm?the thinnest in the world?at a 1.4m wide width and the world's longest length of 30km.

Chairman Chey Tae-won said in a congratulatory video message to SK Nexilis members, "I sincerely welcome you as a bona fide member of SK," adding, "Based on the Jeongeup plant with world-class technology, let us create economic and social value through bold investment and continuous expansion in line with the growing market, and establish ourselves as a global number one company by creating second and third success stories."

He continued, "It is unfortunate that I cannot be with you due to the unexpected COVID-19 situation, but I look forward to the day soon when I can high-five each of you at the Jeongeup plant and talk."

The copper foil market is currently growing significantly. According to market research firm SNE Research, the electric vehicle battery market using copper foil is expected to grow at about 40% annually until 2025. SK Nexilis, which competed for the global No.1 position with a 14% market share in the global electric vehicle battery copper foil market last year, is expanding investments in line with this growth trend.

Following the completion of the expansion of Plant 4 earlier this year, SK Nexilis announced an expansion investment plan in March and began construction of Plant 5 in Jeongeup. Production capacity, which was 24,000 tons last year, will increase to 34,000 tons this year and 43,000 tons in 2021.

Global expansion is also being actively considered. Entering regions such as Europe, the United States, and Asia, where customers are located, will enable quick responses to customer requests and improve cost competitiveness. SKC has idle land in these regions, which is advantageous in terms of entry speed and other aspects. SK Nexilis is comprehensively reviewing effective entry strategies with SKC, which has extensive overseas business experience.