LG Chem has joined hands with Toray of Japan to establish a joint venture in Europe related to separators for secondary batteries to target the European separator market.
LG Chem announced on Oct. 27 that it signed an agreement to establish the joint venture ‘LG Toray Hungary Battery Separator Kft’, during a ceremony held through video conference with major executives from both companies attending, including CEO Shin Hak-cheol of LG Chem, and CEO Akihiro Nikkaku of Toray.
The joint venture will be established with a 50:50 shareholding, and LG Chem plans to acquire an additional 20% equity from Toray after 30 months in order to secure management control. Both companies will invest more than 1 trillion won in stages.
The plant will be established on the site of the existing Toray Industries Hungary Kft plant, located in the city of Nyergesújfalu in the Komárom-Esztergom province in northwestern Hungary. The total area is 420,000m2, which is the size of more than 60 football stadiums.
CEO Shin stated, “The establishment of the joint venture with Toray is not just a simple cooperation. It is an innovative change that generates synergy by combining LG Chem's coating technology with the world's best technology such as Toray's fabric capabilities.”
Based on this, the two companies plan to maximize business synergy by cooperating in the fields of coating processing technology and fabric manufacturing technology, which each company has its own strengths.