LG Chem to sell majority of LCD polarizer biz to China’s Shanshan for $1.1b

The LG company logo is seen following an event during the annual Consumer Electronics Show (CES ) in Las Vegas, Nevada January 6, 2014. REUTERS/Robert Galbraith

South Korea’s LG Chem Ltd said on Wednesday it has signed a conditional contract with China’s Ningbo Shanshan Co Ltd to sell most of its liquid crystal display (LCD) polarizer business for $1.1 billion.

The chemicals and battery maker said some of its LCD polarizer business including those for automobiles would be excluded from the sale. Polarizers improve the display function in products.

“We are going to focus on strengthening our competitiveness in tech materials, especially organic light-emitting diode (OLED) and nurture our OLED polarizer business,” LG Chem said in a statement.

The company said the deal is pending approval from its board of directors, and the terms are subject to change. It said it plans to make another announcement once the deal is finalized.

Ningbo Shanshan said on Tuesday it plans to raise up to 3.1 billion yuan ($438 million) in a share placement to fund the acquisition of a majority interest in LG Chem’s LCD polarizer business in China, Taiwan and South Korea.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.