LG Chem to spin off battery business into separate company

摘要

LG Chem has decided to spin off its battery business into a new company amid growing demand for electric vehicle(EV)batteries.It plans officially to launch the new entity with the tentative name LG Energy Solutions on 1 December 2020 after approval from an extraordinary shareholders'meeting to be held on 30 October.LG Chem will be 100% owner of the new battery company.It says it would consider an initial public offering(IPO)for the business.LG Chem is the biggest producer of EV batteries.Its worldwide market share has grown rapidly to an estimated 25%.