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South Korea's SK Innovation to spin off battery business

Investors push shares down nearly 8% after announcement

The sixth-largest EV battery maker held a 5.2% share of the global market in the first half of this year. (Photo courtesy of SK Innovation)

SEOUL -- South Korean energy company SK Innovation said Wednesday that it will spin off its mainstay battery business in October to better focus on the fast-growing electric vehicle market.

SK Innovation's board approved the plan on Tuesday, stressing that batteries have growth potential and that the business is globally competitive. The new entity, provisionally named SK Battery, will be launched on Oct. 1 after a general shareholders' meeting on Sep. 16 signs off on the plan.

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