[Alpha Biz=(Chicago) Reporter Paul Lee] The LG Chem joins hands with China's Zhejiang Huayou Cobalt to build a joint plant for battery precursor in Saemangeum.
The LG Chem and Zhejiang Huayou Cobalt are reported to sign an investment agreement with the Saemangeum Development Agency in Gunsan, North Jeolla Province, on the 19th to build a precursor production facility and confirm the site.
Under the agreement, the two companies plan to spend about 1.2 trillion won to build a precursor plant with an annual capacity of 50,000 tons in the sixth section of the Saemangeum National Industrial Complex.
Construction will begin at the end of this year and its goal is to be completed by the end of 2028.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
