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South Korea’s top chemical maker LG Chem Ltd. will set up a joint venture (JV) with Japan’s Toray Industries Inc. for separators, the core materials for secondary batteries.
The move is part of LG Chem's 10 trillion won investment in battery material, renewable, and bio sectors through 2025 announced earlier.
LG Chem and Toray, the world’s third-largest wet separator maker, were set to build a plant in Europe.
The companies were still discussing details such as investment size, stake ratio. and production scale. They established an overseas plant to meet carbon-neutral regulations of developed countries such as the US and those in Europe.
The partnership with Toray will enable LG Chem to secure a stable separator supplier to its sdiary LG Energy Solution Ltd.
LG Chem will hold a board meeting on July 29 to approve a plan to take over LG Electronics Inc.’s separator business, allowing the JV to apply LG Electronics’ coating technology to Toray’s separator films.
