LG Chem seeks to sell IT film business to improve competitiveness

SEOUL (Reuters) – South Korean petrochemicals maker LG Chem Ltd said on Thursday it is seeking to sell its information technology film business in an effort to improve the company’s competitiveness.

“We are pursuing plans to sell our film business as part of our effort to strengthen our business competitiveness focusing on the three new growth engines, but no specific decisions have been made,” an LG spokesperson told Reuters.

LG Chem previously said the company is counting on its battery materials, sustainability business and innovative drugs to power its growth, which is expected to make up 57% of the company’s total sales in 2030.

In July, LG Chem said it was considering various ways of improving its competitiveness following media reports that it was seeking to sell its naphtha cracker in Yeosu.

(Reporting by Heekyong Yang; editing by Diane Craft)