LG Chem sells water solutions unit for $1.02 billion to local equity firm

LG Chem, Korea's leading chemical company, said Friday it has decided to sell its water solutions business unit to Glenwood Private Equity for 1.4 trillion won ($1.02 billion) as part of its business reorganization efforts.

The decision was finalized at a board meeting on Friday, two months after selecting Glenwood Private Equity as the preferred bidder in April, a company spokesperson said.

"The decision is part of the company's efforts to focus on three new growth drivers — battery materials, environmentally sustainable materials and new drugs," he said.

The main product of the water solutions unit is the reverse osmosis (RO) membrane — thin plastic films with extremely small pores that enable modern desalination.

The water solutions unit is part of LG Chem's advanced materials business division, which also includes its cathode and electronic materials businesses.

Yonhap