LG Chem to spend $1.07 billion on expanding battery plants in China
10 Jan 2019 10:15 AM IST
LG Chem plans to invest a total of 1.2 trillion won ($1.07 billion) to expand its two battery plants in China by 2020
LG Chem and its American unit have filed a lawsuit against SK Innovation in the US International Trade Commission (ITC), accusing SK Innovation of misappropriation of trade secrets by hiring its former employees.
South Korea’s LG Chem said on Thursday that it plans to invest a total of 1.2 trillion won ($1.07 billion) to expand its two battery plants in China by 2020 in a bid to meet rising global demand.
Under the investment plan, LG Chem will spend 600 billion won each at an electric vehicle battery plant and a small-sized battery plant in Nanjing, the company said in a statement.
Last year, the South Korean battery maker announced a plan to invest about 2 trillion won to build a second electric car battery plant by 2023 in Nanjing.
( Source : reuters )
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