LG Chem has announced to focus a separate division on the global battery business as of December 1, 2020. Currently the name LG Energy Solutions is being considered.
With this spin-off division, LG Chem hopes to bundle its battery expertise better and to position itself more stable in the international sector. The company believes that the current market situation is the optimal time to further develop its own battery business and is also optimistic due to past successes that have contributed to the steady growth of the corporate sector. The planned spin-off is expected to attract larger investments and at the same time reduce the financial burden on both divisions by separating the financial structure systems from each other. Furthermore, the company considers it important to shorten internal decision making processes in order to better respond to a fast moving market.
LG Chem plans to bring the new company to a leading global position in the field of energy solutions. The portfolio will not only include battery materials, cells, pack manufacturing and sales, but also an e-platform offering various services throughout the life cycle of batteries.
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