Toray Industries has concluded a joint venture agreement with LG Chem under which LG Chem will invest $375 million in Toray Industries Hungary (THU), establishing LG Toray Hungary Battery Separator (LTHS), in which Toray and LG Chem will each hold a 50% interest. The new joint venture will use existing THU facilities to manufacture battery separator film for automotive batteries for sale to LG Group in Europe and the US.
LTHS will license the technologies to produce separators for LG Group batteries. The joint venture also aims to follow LG Group’s business model, which vertically integrates everything from battery materials through battery production. The Toray Group will continue to develop, manufacture and supply battery separator film and coating in Japan and Korea.