cloudyn.png
Monday November 28th, 2022 1:08AM

Federal agency rules SK Innovation stole trade secrets from competitor

By AccessWDUN Staff

A federal government agency has ruled a South Korean company - which happens to be one of North Georgia's largest employers - stole trade secrets from a competitor. 

The ruling against SK Innovation came Wednesday from the U.S International Trade Commission. 

According to reports in several business publications, the battery manufacturer stole trade secrets related to the production of lithium-ion batteries from LG Chemical, Ltd. LG had brought accusations against SK in 2019. SK officials have denied past accusations, although they have not commented yet on Wednesday's ruling from ITC.

SK Innovation began building manufacturing facilities in North Georgia's Jackson County two years ago, and the latest expansion represents a multi-billion dollar investment. The company produces batteries for electric vehicles, and The Wall Street Journal reported yesterday's ruling could be a problem for Ford Motor Company and Volkswagen, since both plan to use SK products in their electric vehicle line. 

The Atlanta Journal Constitution said SK Innovation can appeal Wednesday's decision in federal court. 

While SK makes a decision on what action to take, the company will be allowed to make batteries for Volkswagen for two years and for Ford for another four years. The AJC report said after that point, SK would be barred from importing into Georgia the parts needed to make the auto batteries. 

Under the current expansion, SK had planned to hire 2,000 employees. The company announced expansion plans in May 2020. 
 
 
  • Associated Categories: Homepage, Local/State News
  • Associated Tags: business news, electric vehicles, SK innovation, U.S. International Trade Commission , LG Energy Solution , Wall Street Journal , trade secrets, Ford Motor Co. , Volkswagen
© Copyright 2022 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Federal agency rules SK Innovation stole trade secrets from competitor
A federal government agency has ruled a South Korean company - which happens to be one of North Georgia's largest employers - stole trade secrets from a competitor.
8:35AM ( 3 minutes ago )
Trial highlights: Harrowing footage, focus on Trump's words
House Democrats opened their first day of arguments in former President Donald Trump’s impeachment trial with searing footage of the U.S. Capitol riot
5:47AM ( 2 hours ago )
New name to be announced for Gwinnett's Infinite Energy Center
Gwinnett Infinite Energy Center in Duluth will be getting a new name.
9:13PM ( 11 hours ago )
Local/State News
Owners of Nix Hardware and Furniture plan to close store
An iconic business on the square in Downtown Cleveland will soon close its doors as the two business owners have decided it's time for them to retire.
By Dean Dyer, WRWH
12:52PM ( 2 weeks ago )
Jack Frost, businessman and philanthropist, dies from COVID-related complications
Jack Frost, the owner of Memorial Park Funeral Homes and Cemeteries, died Wednesday morning from complications related to the COVID-19 virus.
By AccessWDUN staff
2:25PM ( 3 weeks ago )
Nestle Purina invests $550M in Hartwell plant expansion
Just a year after the grand opening of its plant in Northeast Georgia, the Nestlé Purina PetCare Company said it will invest $550 million to expand its Hartwell pet food manufacturing facility.
By AccessWDUN Staff
7:00AM ( 2 months ago )
Korea-based HVAC company to open office in Hall County
Dongwon Tech Corporation, a supplier of heating, ventilation and air conditioning (HVAC) ducts and CR/DR systems, has announced plans to open a manufacturing facility in Hall County.
By AccessWDUN Staff
2:21PM ( 2 months ago )
Magazine selects Georgia as top state for business for 8th year in a row
Once again, Site Selection magazine has selected Georgia as the top state for doing business.
By AccessWDUN Staff
11:50AM ( 2 months ago )