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LG Group sets up its new holding company called LX Holdings. It was said that this new firm has an asset worth around ₩8 trillion or $7.1 billion, and it was created as part of the company’s restructuring plan.
The new LG holdings company
As per Yonhap News Agency, the South Korean firm’s LX Holdings houses five LG subsidiaries, and these are LG Hausys Ltd., Silicon Works Co., LG MMA Corp, LG International Corp., and Pantos Co.
LG Group decided to remove some affiliates for Koo Bon Joon, the younger brother of the late company chief, Koo Bon Moo, and the uncle of LG’s current chairman Koo Kwang Mo. This move was made because the company maintains a tradition where the eldest son of the chief is bequeathed with management power over the firm.
The brothers of the chief then create their own business groups and become part of the group’s spinoff companies. This only happens when the chief is no longer around, and in this case, LX Holdings is a spinoff firm that will be managed by Boon Joon.
Parts business expected to bolster LX Holding’s business
Now that LX Holdings has been officially launched, the industry is now observing how its chairman, Koo Bon Joon, will make his move and grow Silicon Works, the new firm’s semiconductor affiliate.
Silicon Works is being seen as the one that will push LX Holdings to greater success since it is Korea’s leading fabless chip company. Moreover, in this time when semiconductor parts are in very high demand, the chip business will surely make the most profits in the tech industry today.
"Chairman Koo is set to focus on expanding the group's business portfolio, with Silicon Works taking a central role,” The Korea Times quoted a source as saying last weekend. “Given Koo's rich and wide business networks in the business-to-business (B2B) industry, in terms of growth, what Silicon Works' role will be for the group is likely the top consideration for the group chairman."
Finally, many believe Koo Bon Joon will also do well, just like he did with LG Display and LG International. Under his leadership, Silicon Works is now eyeing the digital semiconductor market, and it is said to be in the process of developing digital semiconductors that may be used in cars and appliances.
