Energy and environmental solutions provider SK Ecoplant announced Monday that it has officially incorporated energy supplier SK Materials Airplus as its subsidiary.

During a special shareholders' meeting held at its headquarters in central Seoul, SK Ecoplant approved a comprehensive stock exchange agenda for SK Materials Airplus, which involves issuing new shares in exchange for the entire stake in SK Materials Airplus currently held by SK.

SK Materials Airplus' long-term business model of manufacturing and supplying industrial gases crucial for the semiconductor industry such as nitrogen, oxygen and argon, has allowed it to maintain a stable profit structure.

Given the nature of the business, SK Ecoplant expects that integrating SK Materials Airplus will enhance the utilization of its plant design and construction expertise. Additionally, SK Ecoplant will also incorporate the semiconductor module company Essencore as a subsidiary through the investment. Essencore manufactures and sells memory products, including SSDs, SD cards, USBs and DRAM memory modules.

The collaboration with SK Tes, SK Ecoplant's recycling subsidiary, is anticipated to generate synergies by improving electronic and electrical waste recycling capabilities and expanding distribution networks. SK Ecoplant aims to strengthen its role in the semiconductor value chain by combining its infrastructure capabilities with the business strengths of SK Materials Airplus and Essencore.

"We will continue to enhance corporate value by improving financial stability and creating complex synergies across various sectors, including semiconductors, AI and environmental businesses through these incorporations," an SK Ecoplant official said.

The final incorporation of SK Materials Airplus and Essencore is expected to be completed by Nov. 1.