Overview
- The sale covers the factory building and related facilities but excludes the land and production equipment, LG Energy Solution said in a regulatory filing.
- LGES will retain its stake in the L-H Battery Company joint venture, which will lease the facility with no changes to production or operational plans.
- Production at the Jeffersonville, Ohio site is expected to begin next year, according to a person familiar with the plans and company statements.
- The transaction is scheduled to close on Feb. 28, with the final price subject to due diligence and exchange-rate adjustments, The Korea Herald reported.
- The move follows Ford terminating a roughly 9.6 trillion won LGES supply deal and taking a $19.5 billion writedown, as SK On ended its U.S. JV with Ford and Korean suppliers shift lines toward energy storage systems.