LG Chem held a board meeting on the 29th and announced that it would acquire LG Electronics'separation film business for 525 billion won.
LG Chem has focused on strengthening its battery material division since separating battery manufacturer LG Energy Solution as a subsidiary last year.
This acquisition will have all of the major technologies applied to the four core materials of batteries, including anode materials, cathode binder, and electrolyte additives.
LG Electronics'separation film division has production facilities in Cheongju, China, Hangzhou, and Wroclaw, Poland. The LG Chem announced that both sales and operating profit in the second quarter of this year were the highest quarter ever.
Operating profit was 2.23 trillion won, up 290.2% from the same period last year. This includes about 1 trillion won of battery dispute settlement that its subsidiary LG Energy Solution receives from SK Innovation. Sales reached 11.4561 trillion won, up 65.2 percent from the same period last year.
Reporter Lee Ji-sun stockmk2020@gmail.com
