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Toyo & LG Group form ‘green’ JV

By Gerald Ondrey |

Toyo Engineering Corp. (Toyo; Chiba, Japan; www.toyo-eng.co.jp) has established a joint venture (JV) with LG Group (Seoul, South Korea; www.lgcorp.com) through Toyo Engineering Korea Ltd. and Serveone Co., both of which are 100% subsidiaries of their respective parent companies. The JV began operation on October 1, 2010. LG Group, which has created an investment plan for the new venture involving the establishment of a Green Business on a global basis, understands the necessity of building an internal engineering platform to realize the value of their investment in a more effective manner. Both LG Group and Toyo cooperated with each other to establish the above-mentioned engineering platform. Toyo, which is actively promoting global operations and diversity of business domains, expects to be able to effectively utilize their global resources and create greater opportunities to develop non-hydrocarbon business. The president and CEO of the JV, named LG Toyo Engineering Co., is Tae-O Kim, and the new company is located in Seoul. Initial capital has been set at SKW10 billion ($8.9 million), and 70% of the venture is controlled by Serveone with the remaining 30% share controlled by Toyo-Korea. The JV initially has approximately 100 staff…
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