Speedmate and Trading Division to Spin Off by Year-End
SK Networks is spinning off Speedmate, which operates in the automobile maintenance business, and its trading division into subsidiaries. This move aims to break away from being a general trading company and strengthen its identity as an artificial intelligence (AI)-related business company.
On the 17th, SK Networks held a board meeting and approved the plan to physically split the Speedmate business unit and the trading business unit into subsidiaries. Related procedures, including an extraordinary general meeting of shareholders, will be conducted in August, with Speedmate expected to launch as a new corporation in September and the trading business in December.
Through this, the subsidiaries will independently and efficiently promote their businesses, while SK Networks plans to focus its company-wide capabilities on transitioning to an AI business model. Initially, support will be provided to help the two companies establish themselves stably, and other businesses are expected to be spun off once they secure self-sustainability in the future.
Speedmate plans to enhance its expertise in domestic and international vehicle maintenance and emergency dispatch services, tire distribution, and parts export, and develop AI-linked business models using the customer service data accumulated so far. The trading business, which mainly conducts trade in chemical products, will improve its competitiveness by establishing a system that can respond to highly volatile external economic conditions using AI.
An SK Networks official stated, "Amid unstable economic conditions, we will strengthen portfolio management effectiveness and financial stability to solidify a foundation for sustainable growth. We will continuously enhance shareholder value through shareholder-friendly policies such as dividends from profits generated by the headquarters and subsidiaries."
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