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Biz News Korea(Eng)
LG Chem endorses merger with LG Life Sciences
- Collected
- 2016.09.13
- Distributed
- 2016.09.19
- Source
- Go Direct
The final approval of the two companies would be made on November 28 and the merger would take effect on January 1 next year.
With the merger, LG Chem would expand its businesses to the bio sector from the basic material, battery and information and electronics sectors to build a future-oriented business portfolio.
The chemical company plans to inject 300 billion won ($269 million) to 500 billion won every year into research and development and facilities in order to nurture the bio and pharmaceutical business after the merger. The figure is more than three times 130 billion won worth invested by LG Life Sciences annually.
“The bio sector is necessary for healthier and richer lives and we will raise it as a world-class business through bold and preemptive investments,” said LG Chem’s Vice Chairman Park Jin-soo. LG Group divided LG Chem into LGCI, LG Chem and LG Household & Health Care in April 2001 to turn into a holding company system. After that, LG Life Sciences was spun off from LGCI in August 2002.
By Hong Jong-sung
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]