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Biz News Korea(Eng)
LG Chem to buy research and patent assets in cathode material business from GS EM
- Collected
- 2016.10.02
- Distributed
- 2016.10.04
- Source
- Go Direct
The chemical maker said Friday that it signed a contract to purchase research and patented sources in cathode material production from GS EM’s plant in Iksan, North Jeolla Province in the Southwest of the country. The deal is estimated to value up to from 55 billion ($49.8 million) to 60 billion won.
The transaction will allow LG Chem to secure a portfolio of GS EM’s intellectual property including technologies of producing cathodes and precursors, core elements of lithium-ion batteries. LG Chem will also obtain production facility and research and development (R&D) work force associated with the cathode material business.
A company official at LG Chem said that the latest deal has paved a way for the Korean firm to expedite its efforts to become the top supplier of batteries for electric cars.
The firm earlier revealed its annual sales target of 7 trillion won in electric car batteries in 2020.
By Park Yong-beom
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