LG Energy Solution disposed of all building and building-related device assets, excluding land and equipment, of the U.S.-based joint venture with Honda, "L-H Battery Company," to Honda's U.S. development and manufacturing subsidiary.

A panoramic view of the joint factory under construction in Ohio, United States, by LG Energy Solution and Honda. /Courtesy of LG Energy Solution·Honda joint venture website

LG Energy Solution disclosed on the 26th that it sold building-related asset of L-H Battery Company in Ohio, U.S., to Honda's U.S. development and manufacturing subsidiary for 3.741617 trillion won.

LG Energy Solution said in December last year that it would seek to improve the joint venture's operating efficiency by boosting liquidity and announced a plan to sell the building-related asset. The amount disclosed at the time was 4.22432996 trillion won, about 482.7 billion won more than the actual sale price. A LG Energy Solution official said, "Because an external agency evaluates asset value considering market conditions and other factors, the asset value was adjusted."

LG Energy Solution plans to lease and use the L-H Battery Company building going forward. The plant in Ohio, U.S., is scheduled to start producing batteries for electric vehicles and batteries for energy storage systems (ESS) within this year.

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