LG Chem Battery Business Division Spin-off Imminent... Board Approval Scheduled for the 17th
[Asia Economy Reporter Park So-yeon] LG Chem is planning a physical division of its battery business division. The company is reported to have convened an emergency board meeting on the 17th for this purpose.
According to securities firms and industry sources on the 16th, LG Chem has decided to spin off its battery business unit, and this is expected to be finalized at the board meeting on the 17th.
The spin-off method is expected to be a physical division of LG Chem.
The main reason LG Chem wants to spin off its battery business is to secure investment funds through an IPO for the growth of electric vehicle batteries.
LG Chem is the global No. 1 company in electric vehicle batteries and has secured a large volume of orders from global automakers.
To meet this volume, more than 3 trillion KRW in investment must be made annually for new local factories, making fundraising through an IPO urgent.
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LG Chem’s battery division achieved profitability for the first time in the second quarter.
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