LG Hausys Likely to Sell Automotive Materials Division to Hyundai BNG Steel
[Asia Economy Reporter Oh Hyung-gil] LG Hausys is reportedly planning to sell its automotive materials and industrial film division to Hyundai BNG Steel, an affiliate of Hyundai Motor Group.
According to industry sources on the 25th, LG Hausys has appointed Bank of America (BOA) as the lead advisor for the sale and has been exploring the possibility of a takeover with Hyundai BNG Steel.
LG Hausys' automotive materials and industrial film division recorded a loss of 21.8 billion KRW in 2019 and incurred an operating loss of 35 billion KRW up to the third quarter of last year.
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A company official stated, "We cannot confirm the progress of the sale due to the confidentiality agreement between both parties."
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