20.07.2010 • NewsBatteriesunder constructionLG Chem

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.

Free Virtual Event

Sustainability in Bioprocessing
Bioprocess Forum

Sustainability in Bioprocessing

Join us to explore hot topics in sustainable bioprocessing like the industrial potential of enzymatic synthesis, innovative biocatalysis techniques, and the use of digital twins in bioprocessing.

Innovation Pitch

The Start-up Platform for Chemistry & Life Sciences
Discover Tomorrow’s Innovators

The Start-up Platform for Chemistry & Life Sciences

CHEManager Innovation Pitch supports innovation in the chemistry and life sciences start-up scene. The platform allows founders, young entrepreneurs, and start-ups to present their companies to the industry.