LG Chem to sell its polariser businesses to Chinese firms for $815 mln (updated)

LG Chem

27/09/2023 07:47

(Adds details of business and strategy in paragraphs 3-7)
       SEOUL, Sept 27 (Reuters) - South Korea's LG Chem Ltd
 051910.KS  said on Wednesday it would sell its polariser
businesses to Chinese firms for about 1.1 trillion won ($815.6
million) to help improve its competitiveness. 
    The South Korean petrochemicals maker plans to sell its
polariser business to Shanjin Optoelectronics for 270 billion
won as well as its polariser material business to Hefei Xinmei
Materials Technology for 830 billion won, it said in a
regulatory filing. 
    LG Chem said the sale of the polariser businesses, which
make optical films used in electronic devices and autos, would
help the firm better use its resources.
    The company has previously said it is counting on its
battery materials, sustainability business and innovative drugs
to power its growth. Those businesses are expected to make up
57% of the company's total sales in 2030.
        LG Chem said on Sunday it had entered a partnership with
 China's Huayou Group's subsidiary Youshan to build a joint
electric vehicle battery material plant in Morocco in an effort
to diversify its portfolio.
        LG Chem also announced an investment plan with Huayou
Cobalt to build a lithium conversion plant in Morocco, adding
that it also planned to build two other facilities in Indonesia
with Huayou Cobalt. 
($1 = 1,348.6800 won)

 (Reporting by Heekyong Yang; Editing by Jamie Freed)
 ((Heekyong.Yang@thomsonreuters.com;))