LG Chem To Add 2-3 Overseas Car Makers To Customer Base This Year
28 Luglio 2010 - 2:30AM
Dow Jones News
LG Chem Ltd. (051910.SE), South Korea's largest chemical company
by sales, will add two to three overseas car makers to its customer
base this year in a move to strengthen its lithium ion battery
business, the company's vice chairman said.
"We have already signed a deal with the companies (from Europe
and Japan to supply lithium ion batteries for electric vehicles)
but we cannot give any related details for now," LG Chem Vice
Chairman and Chief Executive Peter Bahnsuk Kim said in a dinner
meeting with reporters on Tuesday.
LG Chem is stepping up efforts to strengthen the customer base
for its rechargeable batteries used in electric vehicles in a bid
to diversity its business.
In mid-July, LG Chem said its U.S. unit Compact Power Inc. will
provide rechargeable batteries for Ford Motor Co.'s (F) Focus
compact car due out next year. That was the second big win for LG
Chem's Compact unit, which was also chosen last year by General
Motors Co. (GM.XX) to provide batteries for its Chevrolet Volt
plug-in hybrid.
LG Chem said it currently has seven customers to which they are
supplying or will supply lithium ion batteries -- Hyundai-Kia
automotive group, domestic electric vehicle manufacturer CT&T,
General Motors, Ford Motor, Eaton Corp., China's CHANA and Volvo
AB.
The company posted a record second-quarter net profit of
KRW645.7 billion ($550 million), up 36% on the year, buoyed by
strong sales of petrochemicals and rechargeable batteries.
-By Kyong-Ae Choi, Dow Jones Newswires; 822-3700-1903;
kyong-ae.choi@dowjones.com
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