Toray Industries : Announces Establishment of Battery Separator Film Joint Venture with LG Chem in Hungary
June 16, 2022 at 04:03 am EDT
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Toray Announces Establishment of Battery Separator Film Joint Venture with LG Chem in Hungary
Toray Announces Establishment of Battery Separator Film Joint Venture with LG Chem in Hungary
Jun. 16, 2022
Toray Industries, Inc.,
Tokyo, Japan, June 16, 2022 - Toray Industries, Inc., (head office: Chuo-ku, Tokyo; President: Akihiro Nikkaku; hereinafter referred to as "Toray") announced today the establishment of a joint venture with LG Chem, Ltd. (head office: Seoul, Korea; CEO: Hak-Cheol Shin; hereinafter referred to as "LG Chem"), in which Toray and LG Chem each hold a 50% interest, following the announcement on October 27, 2021 that Toray had concluded an agreement with LG Chem to form a battery separator film joint venture in Hungary.
Profile of joint venture
Toray and LG Chem have established the joint venture through the investment of US$375 million (around ¥ 50 billion) by LG Chem in Toray Industries Hungary Kft. (THU), a wholly owned Toray subsidiary which manufactures and sells separator film for rechargeable lithium-ion batteries in Hungary.
(1)
Name
LG Toray Hungary Battery Separator Kft. (LTHS)
(2)
Location
Nyergesújfalu, Hungary
(3)
Representatives
Ikuo Yoshimura
Lee Yoomin
(4)
Principal business
Manufacture and sales of battery separator film
(5)
Registered capital
22,000 euros
(6)
Establishment
June 16, 2022
(7)
Shareholders
Toray (50%) and LG Chem (50%)
Outlook
In the first quarter of the fiscal year ending March 31, 2023, Toray expects to post a consolidated gain of around ¥19.0 billion (net of tax) associated with revaluation of the interest in THU as a result of the creation of the joint venture. Toray will promptly announce any revisions to its consolidated forecasts for the six months ending September 30, 2022 or for the full year ending March 31, 2023, once they are considered necessary in view of the impact of this joint venture formation or other circumstances.
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Toray Industries Inc. published this content on 16 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 June 2022 08:02:01 UTC.
Toray Industries, Inc. is a diversified group organized around 5 areas of activity:
- fiber and textile production (38.2% of net sales): nylon, polyester, acrylic fibers, non-woven products, etc.;
- plastic and chemical manufacture (38.2%): resins, plastic films, fine chemicals, etc.;
- engineering and environmental services (10.3%): development, construction, and assembly of industrial units, manufacture of seawater desalinization equipment, wastewater treatment equipment, etc.;
- production of carbon fibers (9.7%);
- other (3.6%): primarily fabrication of pharmaceutical and medical products.
Net sales break down geographically as follows: Japan (44%), China (19.5%), Asia (19.8%) and other (16.7%).