Group - SK Group

SK Group (Hangul: SK , ) is the fourth largest conglomerate (Jaebeol) in South Korea. The SK Group is composed of 92 subsidiary and affiliate companies that share the SK brand and culture. In 2007, SK Group recorded combined revenues of $88.0 billion, with exports contributing $26.0 billion of that total. SK Group has more than 30,000 employees who work from 113 offices worldwide. It changed its name from Sunkyung Group (Hangul: ) in 1997. As with many other Jaebeols SK Group's chairmanship was 'inherited' from father to son; from its founder the late Chey John-hyun to its present chairman Chey Tae-won (eldest son). Che Tae-won is married to the daughter of the former South Korean President Roh Tae-woo. SK Group began when the current founders acquired Sunkyong Textiles in 1953. In 1958, the company manufactured Korea's first polyester fiber on company grounds. It established Sunkyong Fibers Ltd. in July 1969, and started to produce original yarn. In 1973, SK then established Sunkyong Oil, beginning a vertical integration strategy to manage production, "From Petroleum to Fibersâ€�. That same year, the company acquired the Walkerhill Hotel.