[Photo by LX Group]
LX Group, separated from LG Group, has officially set sail as Korea’s 50th largest conglomerate with five units LG International, LG Hausys, LG MMA, Silicon Works and Pantos Logistics under its umbrella.
LX Holdings, the holding entity of LX Group, plans to complete incorporating the five units into the group by the end of this year and rebrand them to bear “LX,” according to industry sources on Sunday. The general trading company LG International is to start anew as LX Global, building materials maker LG Hausys as LX Hausys, semiconductor products maker Silicon Works as LX Semicon, chemical manufacturer LG MMA as LX MMA, and logistics service provider Pantos Logistics ad LX Panthos.
The combined assets of the five companies amount to about 7.6 trillion won ($6.8 billion).
Last November, LG Group decided to demerge five units and put them under a new holding with leadership by Koo Bon-joon, who stepped down from the management in 2018 to make way for his nephew and current LG Group Chairman Koo Kwang-mo.
Koo Bon-joon, the third son of late LG Group honorary chairman Koo Cha-kyung and a younger brother of late LG Group chairman Koo Bon-moo, will represent LX Holdings together with Song Chi-ho, former CEO of LG International.
LX Group’s key unit is LX Global, formerly LG International. The group is expected to nurture the general trading company to expand out to rechargeable battery materials and health care industries. The company is also fostering eco-friendly waste treatment service and e-commerce as new growth engines.
Separately, LX Group reached an agreement with state-run Korea Land and Geospatial Informatix Corp. on both using “LX” as each firm’s English name last Friday.
By Lee Jong-hyuk and Cho Jeehyun
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