On Saturday, LG Korean tech giant announced that it is going to form a new company with its subdivisions next year (2021). The decision came out as a move to reorganize the company at a time multinationals are growing in size.
As per the details, LG’s associates will be officially twisted off in May next year. Presently, the holding company of these affiliates is LG Corp, and it will reportedly hold possessions worth 9.8 trillion won (~$8.9 billion). Though, the new holding company will have possessions worth 900 billion won (~$814 million).
The companies listed below will swirl out from LG Corp.; LG International Corp, LG Hausys Ltd, Silicon Works Co Ltd, LG MMA Corp., unlisted Pantos Logistics Co Ltd
At present, LG Corp works in several different businesses which include; batteries, display, cosmetics, household products, automobiles, and some of its clients include General Motors, Tesla, and Apple. Following the restructuring, LG hopes to focus more on its core business, including consumer electronics, chemicals, telecommunication & services.
The new formed company will likely be headed by Koo Bon-Joon, who is the son of one of the company’s founders and the nephew of the chairman at LG Group.