LG Chem to Spin Off Industrial Materials Operation

LG Chem has approved plans to spin off its industrial materials business into a separate entity, effective April 1, 2009. LG Chem’s shares will be split into two entities with an approximate ratio of 0.88 (LG Chem): 0.12 (spun-off entity), says Moody’s Investors Service (Hong Kong). LG says it intends to focus on its petrochemicals, and information technology and electronic materials divisions, which have different customer bases and organizational cultures. The plans are subject to approval by LG Chem shareholders at an extraordinary meeting...

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