LG Chem will split its global NO.1 battery business Battery Business “Foster into the World’s Best Energy Solution Company”, as it was informed in the press release of the company Sep. 22.
Regarding this, LG Chem announced on that it held a board meeting on the 17th and resolved a corporate spin-off plan to raise corporate value and stockholder value by concentrating on the business area of expertise.
Accordingly, LG Chem plans to receive approval from the extraordinary meeting of stockholders on October 30 and officially launch ‘LG Energy Solution (tentative)’ as a new corporation exclusively in charge of the battery business from December 1.
This will be a physical division in which LG Chem will possess all of the stocks issued by the new battery corporation and LG Chem will possess 100% of the non-listed shares of the new corporation.
LG Chem plans to foster the new corporation to achieve sales of over 30 trillion KRW in 2024 and become the world’s best energy solutions company based on batteries. The expected revenue of the new corporation is around 13 trillion KRW this year.
Regarding the IPO of the new corporation, it stated that nothing has been confirmed yet and should be reviewed it in the future.
The project is aimed to strengthen expertise in business sector and improve operational efficiency and to foster the new corporation into the world’s best energy solution company with sales exceeding 30 trillion KRW by 2024.
LG Electronics Inc. is a South Korean company, one of the world's largest manufacturers of consumer electronics and home appliances. It is part of the LG Group conglomerate. LG Electronics is headquartered in Seoul, Republic of Korea, with 120 representative offices in 95 countries.
The Russian representative office of LG Electronics in Moscow was opened in March 1990; subsequently, other structures of the company began to work. Taking into account the development of business in the CIS and Baltic countries, LG Electronics ' head office for CIS countries (CIS HQ) was recently established in Moscow
