LG Chem Says Considers Battery Plants in China, Europe
South Korea's LG Chem said on Tuesday it was considering building rechargeable battery plants in China and Europe around 2013 to meet demand.
A U.S. unit of South Korea's No.1 chemical maker last Friday held a ground-breaking ceremony for a $303 million battery plant in Holland, Mich., to supply batteries for General Motors, Ford Motor's Focus, and Eaton.
LG Chem Chief Executive Kim Bahn-suk told analysts and reporters in Seoul that the company was thinking of building lithium-ion battery plants for electric vehicles in China and Europe where the firm's clients were located.
While the investment size was not yet available, the construction of the plants is likely to be made about the time its U.S. battery plant is completed, he added.
Helped by its battery and petrochemical businesses, LG Chem posted record-high earnings, with 5.03 trillion won ($4.14 billion) in second-quarter sales and 828 billion won in quarterly operating profits, after shares of the firm closed down 1.23% at 321,500 won on Tuesday.
