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LG Chem to spin off EV battery business to strengthen position in sector Updated: 2020-09-17 15:53:47 KST

The South Korean chemical company LG Chem is spinning off its electric vehicle battery business now that it's reached a considerable size.
The new company, wholly owned by LG Chem, is to be launched on December 1st, tentatively named LG Energy Solutions.
LG hopes this will strengthen its position in the battery sector.
Having achieved quarterly sales of nearly 2.4 billion U.S. dollars, LG Chem said in a statement Thursday, that the business now yields a sizable profit and it's the right time for a spin-off.
LG Chem added that the unit will need to secure massive amounts of capital because it's now pouring about 2.5 billion dollars a year into facility investment.
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