LG Chem Plans Joint Venture With General Motors

   By Kwanwoo Jun

South Korean battery maker LG Chem Ltd. (051910.SE) said its U.S. unit plans to set up a joint venture with General Motors Co. (GM).

LG Chem Michigan Inc. is looking to raise $916 million through bond issuance to fund the planned joined venture, its parent company LG Chem said Thursday.

The U.S.-based maker of electric-car battery will issue the bonds in tranches between January 2020 and December 2023, LG Chem said.

LG Chem gave no further details on the joint venture with General Motors, but an earlier Reuters report citing unnamed sources said the companies are planning to invest more than $2 billion to form a 50:50 joint venture in Ohio to produce electric-vehicle batteries.

The Ohio plant, if confirmed, would be LG Chem's second electric-vehicle battery factory in the U.S. besides its Michigan factory.

Write to Kwanwoo Jun at kwanwoo.jun@wsj.com

(END) Dow Jones Newswires

December 05, 2019 05:17 ET (10:17 GMT)

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