SEOUL, March 3 (Korea Bizwire) — LG Chem Ltd., South Korea’s largest chemicals company, said Tuesday it has acquired a Turkish television assembly factory in Poland for US$31.4 million to expand its plant for electric vehicle (EV) batteries.
LG Chem signed the deal with Turkish electronics and appliance maker Vestel last month, a company official said.
The television assembly factory is located next to LG Chem’s EV battery plant in Wroclaw, southwestern Poland.
Currently, LG Chem has five battery plants in South Korea, China, the United States and Poland, with a combined capacity of 70 gigawatt-hours.
The South Korean chemical giant plans to raise its capacity to 100 GWh, enough to supply batteries to 1.6 million electric vehicles, by the end of this year.
LG Chem supplies electric vehicle batteries to 13 of the top 20 car brands, including German automaker Volkswagen, French carmaker Renault, American auto giant General Motors and South Korea’s largest carmaker, Hyundai Motor.