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LG Chem's plan to launch new business entity for its battery business approved by shareholders Updated: 2020-10-30 13:15:31 KST

With approval from its shareholders today, LG Chem will be spinning off its battery business as a new entity called LG Energy Solutions.
The launch will be on December first.
The plan was opposed by LG Chem's second-largest shareholder, the National Pension Service, but it was still approved overwhelmingly.
The company is the world's biggest supplier of batteries for electric vehicles, and it says the spin-off is needed to meet growing demand.
LG Chem's stock, however, was down by about 6.1 percent.
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