LG Chem and Toray Establish Membrane Joint Venture in Hungary

LG Chem Toray Joint Venture Logo. Photo by LG Chem

[Asia Economy Reporter Donghoon Jung] LG Chem has completed the establishment of a separator joint venture in Hungary with Japan's Toray and is set to actively target the European market.

On the 16th, LG Chem announced that it has completed the corporate merger notification, approval procedures, and capital payment for the Hungarian joint venture 'LG Toray Hungary Battery Separator Kft' and officially launched the joint venture.

The joint venture, established with a 50-50 equity stake, will be operated under a co-CEO system from both companies.

Yoo Yumin, head of LG Chem's Europe Business Promotion TFT, and Yoshimura Ikuo, head of Toray's Hungary branch, will serve as the inaugural CEOs.

LG Chem and Toray decided last October to establish a separator joint venture to focus on nurturing the battery materials business, planning to invest more than 1 trillion KRW in stages by 2028.

The joint venture, located in Nyerges?jfalu, Kom?rom-Esztergom County in northwest Hungary, plans to secure an annual production capacity of over 800 million square meters by 2028.

Including this joint venture, LG Chem plans to secure a global separator supply capacity of 1.5 billion square meters annually by 2028 through expansion of domestic and overseas production facilities.

Shin Hak-cheol, Vice Chairman and CEO of LG Chem, said, "We are building a solid competitive advantage in the separator business with differentiated products and process technologies," adding, "We will lead the rapidly growing European and North American electric vehicle battery materials markets by maximizing customer value and business capabilities."

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