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LG Chem denies sell-off rumors of fertilizer business
By Korea HeraldPublished : June 16, 2016 - 15:21
[THE INVESTOR] LG Chem, the chemicals and battery unit of LG Group, on June 16 refuted that it was considering sale of the fertilizer business of FarmHannong, an agrochemical firm it recently acquired.
The company said it would pour resources into the fertilizer business that is highly likely to see synergies with its basic material business.
LG Chem acquired FarmHannong, formerly owned by Dongbu Group, for about 424.5 billion won ($363 million) in April.
The company said it would pour resources into the fertilizer business that is highly likely to see synergies with its basic material business.
LG Chem acquired FarmHannong, formerly owned by Dongbu Group, for about 424.5 billion won ($363 million) in April.
Earlier a local newspaper reported that the company would spin off the fertilizer business before selling it to a third party later this year.
“Even though the fertilizer business returned to profitability last year, the business poses huge environmental risk for a large company,” Money Today cited a high-ranking LG official.
The newspaper reported that LG Chem could cut the buyout price more than 20 percent due to environmental improvement charges by the government.
By Lee Ji-yoon (jylee@heraldcorp.com)
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Articles by Korea Herald
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