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LG Chem to spin off battery unit amid rising EV demand

South Korean company considers listing of LG Energy Solution

LG Chem will spin off its battery business as demand for electric vehicles rises. (Photo courtesy of LG Chem)

SEOUL -- LG Chem is to spin off its battery business in December, seeking to capitalize on rising interest in the sector as global demand for electric vehicles rises.

The South Korean company said on Thursday that its board had approved the plan for a new subsidiary, tentatively named LG Energy Solution. The decision is subject to shareholder approval at a general meeting scheduled for Oct. 30.

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