LG Chem Finalizes Battery Subsidiary Name as 'LG Energy Solution'

[Asia Economy Reporter Park Soyeon]The name of LG Chem's battery business division subsidiary, which will be split and launched on the 1st of next month, has been confirmed as 'LG Energy Solution' as originally planned.

According to industry sources on the 9th, LG Chem notified all employees of the new corporation's name on the 9th.

LG Chem first revealed the tentative name 'LG Energy Solution' at the board meeting on September 17th, where it decided on the physical division of the battery division, and has been gathering opinions from employees until recently regarding the final name. They were also open to changing it if a better name emerged.

However, it is reported that they ultimately confirmed the originally chosen name LG Energy Solution, judging it to be suitable for expansion into related businesses including battery production.

LG Chem views Energy Solution as the existing English name of LG Chem's battery business division, and believes that maintaining this name will help minimize confusion in communication with customers due to the renaming.

LG Chem finalized the physical division of the battery business division through a shareholders' meeting on the 30th of last month, and will launch the new corporation as a 100% subsidiary on December 1st.

The organizational restructuring due to the physical division is also proceeding as planned, and part of the battery business division is scheduled to relocate from the current Yeouido LG Twin Towers to the nearby Park One Building in January next year.

The new corporation's new president is likely to be Kim Jonghyun, the current head of the battery business division, and is expected to be announced in LG Group's regular personnel reshuffle at the end of this month. There is also talk that the current LG Chem Vice Chairman Shin Hakcheol will concurrently serve as chairman of the new corporation's board of directors.

LG Chem plans to expand investments in the split company to increase the new corporation's sales to over 30 trillion won by 2024, and to provide differentiated competitiveness in the 'E-Platform' field, which offers various services throughout the battery lifetime, including battery materials, cell and pack manufacturing and sales, as well as battery care, leasing, charging, and reuse.

This content was produced with the assistance of AI translation services.