Toray Industries, Inc. (Tokyo) announced the establishment of a joint venture (JV) with LG Chem, LG Chem Ltd. (Seoul, South Korea), in which Toray and LG Chem each hold a 50% interest, following the announcement on October 27, 2021 that Toray had concluded an agreement with LG Chem to form a battery separator film joint venture in Hungary.
Toray and LG Chem have established the joint venture through the investment of $375 million (around ¥ 50 billion) by LG Chem in Toray Industries Hungary Kft. (THU), a wholly owned Toray subsidiary which manufactures and sells separator film for rechargeable lithium-ion batteries in Hungary.