South Koreas LG Chem Ltd. is speeding up restructuring efforts to sell or downsize uncompetitive businesses, with an aim to focus on three growth drivers: battery materials, eco-friendly businesses and new drug development.
Earlier this month, it sold the in vitro diagnostics business of the life science division to Seoul-based Glenwood Private Equity for 150 billion won ($117 million).
Now it is seeking to offload a minority stake in LG Energy Solution Ltd. to raise about 2 trillion won. LG Chem owns 81.84% of LG Energy, the worlds second-largest rechargeable battery maker.
We will carry out bold and preemptive restructuring for marginal businesses, LG Chems petrochemical business head Roh Kuk-rae s…
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