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LG Chem launches battery firm LG Energy Solution

December 03/2020

MOSCOW (MRC) -- On December 1, 2020, LG Chem has officially launched its new wholly-owned subsidiary LG Energy Solution, announced in September and approved in October, which consists of the battery business of LG Chem, said Chemweek.

LG Chem's battery business is not only quickly expanding, but also profitable (at least in the past two quarters). The revenues are expected to reach 13 trillion KRW (USD11.7 billion) in 2020, but that might be just the beginning as the forecast is upwards of 30 billion KRW in 2024.

The LG Energy Solutions unit employs approximately 22,000 people (approximately 7,000 in Korea and 15,000 abroad) globally. LG Energy Solution President Kim Jong Hyun said: УLG Energy Solution pioneered with an unwavering challenging spirit for the Korean battery industry, in which the said industry was practically nonexistent, and overcame many concerns and difficulties, and recently became the first to pave the foundation for creating structural profits in the EV battery business before any other competitor."

"We have now successfully spun off the company to reach for higher dreams and have now set out on a great voyage."

It's expected that during 2021, LG Chem will try to offer up to 30% of LG Energy Solution shares in an initial offering to benefit from the success and to finance further dynamic growth.

As MRC reported earlier, LG Chem, a South Korean petrochemical major, has shut down its naphtha cracker in Yeosu following a fire. The company said a fire broke out at its central control room at the Yosu cracker complex at around midnight local time (15:00 GMT) on 5 November. The country's largest chemical company said it was in the process of figuring out the cause of the fire. The facility can process about 1.2 million tonnes of ethylene per year (tpy).The cracker shutdown is expected to last at least three weeks.

According to MRC's ScanPlast report, PP shipments to the Russian market reached 880,130 tonnes in the nine months of 2020 (calculated using the formula: production minus exports plus imports, exluding producers" inventories as of 1 January, 2020). Supply increased exclusively of PP random copolymer.

LG Chem Ltd., often referred to as LG Chemical, is the largest Korean chemical company and is headquartered in Seoul, South Korea. It has eight domestic factories and global network of 29 business locations in 15 countries. LG Chem is a manufacturer, supplier, and exporter of petrochemical goods, IT&E Materials and Energy Solutions.
Author:Anna Larionova
Tags:petroleum products, crude oil, PP, PE, petrochemistry, Crude oil, LG Chem.
Category:General News
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