LG Chem Ltd. (Seoul, South Korea) will expand its business portfolio by acquiring the separation membrane business of LG Electronics to become the world’s largest general battery materials company.
LG Chem announced that it held a board of directors meeting to approve the agenda for acquiring the operations of the CEM (Chemical Electronic Material) business sector under the LG Electronics’ BS (Business Solution) Division at 525 billion KRW ($460 million).
The acquisition will include all of the tangible and intangible assets, such as production facilities and personnel, in the said business sector. The LG Electronics CEM Division manufactures battery materials, such as separation membranes and display materials, and it has production facilities in Cheongju, Korea, Hangzhou, China, and Wroclaw, Poland. All of the approximately 800 domestic and foreign employees will be maintained.
Through the acquisition of the separation membrane business, LG Chem will become the only company possessing the core technologies applied in the four key materials for batteries in the world, in addition to its existing businesses in the anode materials, cathode binders, electrolyte additive, and CNT (carbon nanotube) sectors.