Seoul: LG Chem, South Korea’s leading chemical company, said on Sunday it plans to supply cathode materials to Prime Planet Energy and Solutions (PPES), a Japanese battery joint venture established between Toyota Motor and Panasonic.
LG Chem said it has secured PPES as a new customer as part of its global expansion strategy, and it plans to supply cathode materials to the Japanese firm starting in 2026, reports Yonhap news agency.
In line with PPES’ low-carbon vision, LG Chem said it will focus on developing innovative materials and process technologies that minimise environmental impact.
“It is significant for us to supply cathode materials for PPES’s next-generation battery project,” Shin Hak-cheol, vice chairman of LG Chem, said, adding that the company plans to pursue further global collaborations based on the company’s differentiated market competitiveness.
Recently, LG said it will buy a combined 500 billion won ($375.9 million) worth of stake in its home appliances and chemical units from November as part of efforts to increase their corporate value.
LG plans to purchase 200 billion won worth of shares in LG Electronics Inc. and 300 billion won worth of shares in LG Chem Ltd. on two occasions, the company said in a regulatory filing.
If the purchase is completed, LG’s stake in LG Electronics will increase to 31.59 percent from 30.47 percent, and interest in LG Chem to 31.29 percent from 30.06 percent.
LG plans to announce its plan to boost its corporate value in the fourth quarter. Starting this year, the company has been giving out half-year dividends to its stakeholders to strengthen shareholder value.
Korea Zinc, South Korea’s leading nonferrous metal processing firm, has also partnered with chemical company LG Chem Ltd for business opportunities in the used plastics recycling market in the US.
–IANS