The new giant of the battery industry may be born.

On September 21, LG Chem officially announced that it would cancel the original battery business division and set up a wholly-owned subsidiary to better develop the battery-related business of the group. The wholly-owned subsidiary is temporarily named "LG Energy Solutions" .

It is reported that the deliberation on the spin-off of this business will be conducted at the shareholders meeting on October 30, 2020. Once the resolution is passed, this wholly-owned subsidiary of LG Chem, which specializes in battery business, will be formally established in December 2020 .

According to LG Chem's official statement, the new company is to respond to the complex and changeable market environment, strengthen the professionalism of business departments, to achieve efficient decision-making and flexible organizational operations, improve management efficiency, and help enhance the corporate value of the parent company.