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Hundreds of billions of forints announced in auto investments – LG Chem and Toray will join hands in Hungary

Hundreds of billions of forints announced in auto investments - LG Chem and Toray will join hands in Hungary

Both parties will contribute 50 to 50 percent of the $1,000 billion ($854.7 million) investment. In the 30 months after the plant was completed, LG Chem will acquire a 20% stake in Toray for 642.7 billion won.

The plant will produce 800 million square feet of battery separators annually by 2028, according to LG Chem.

The plant will supply the group’s wholly owned subsidiary, the Polish subsidiary of LG Energy Solutions, and other European contractors with raw materials to manufacture the batteries.

LG Chem currently has three similar plants, one operating in South Korea and the other two overseas in China and in Wroclaw, Poland. Construction of the plant in Hungary will begin in the first half of next year in the interest of Toray in Nyergesújfalu.

LG Chem plans to spend 6 trillion won over the next five years to expand its battery generation capacity to produce cathodes, separators, folders and more. LG Chem acquired the battery separator surface processing technology units from LG Electronics Group in July of this year.

Japanese and South Korean come together

In the summer of 2019 We count Japanese-owned Toray Industries Hungary Kft is building a HUF 127 billion lithium battery separator film plant in Nyergesújfalu.

The Japanese appeared in the settlement in 2014 after the acquisition of the Zoltek plant, where they produced carbon fiber. The investment, which will be implemented in two phases, aims to increase production capacity of Toray separator film worldwide by twenty percent.

Toray May Communication As a result of negotiations with LG Chem, an agreement was reached that the South Koreans would first invest $375 million (about HUF 117 billion) in Toray Industries Hungary Kft. , which will then establish the LG Toray Hungary Battery Separator Kft. , which is owned 50-50 per cent.

Under the agreement, the two companies will share their knowledge and seek to benefit from synergies in order to be able to supply high-quality raw materials for battery production in the future.

The Chinese will also produce separator chips in Hungary

last november I showedTo set up its first non-Chinese factory in Hungary, Shanghai-based Semcorp, a major separator chip producer, which promises to expand its production capacity in Hungary under an investment of HUF 65.5 billion.

The new interval film factory will be built in Debrecen, and the investment will create 440 new jobs, for which the government has provided 13 billion Swiss francs in the form of non-refundable cash support for the development.

The new plant will start operating on a huge area of ​​19 hectares. A production base of 100,000 square meters will be established in this 19 hectares area.

Cover image source: Getty Images

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