South Korea’s LG Chem Ltd. said on Thursday that it was seeking to sell its information technology film business as it aimed to boost 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,” a spokesperson for the company was quoted as saying by Reuters.
Previously, the petrochemicals maker had said it was counting on its battery materials, sustainability business and innovative drugs to drive its growth.
The shares of LG Chem Ltd. (051910) closed 0.18% (KRW 1,000.00) higher at KRW 563,000.00 in Seoul on Thursday, after losing 1.92% in the previous trading session.
Currently, the South Korean company’s total market cap stands at KRW 42.746 trillion.
The shares of LG Chem Ltd. have retreated 6.17% so far this year, following another 2.44% loss in 2022.
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