Toyota Tsusho Acquires 25% Stake in LG Chem's Gumi Cathode Material Plant
LG Chem has announced in a press release that Toyota Tsusho Corporation of Japan has acquired a 25% stake in its Gumi cathode material plant (LG-HY BCM), becoming the plant’s second-largest shareholder. Toyota Tsusho, a general trading company within the Toyota Group, is the core company responsible for raw material procurement for Toyota Motor Corporation. With the addition of Toyota Tsusho, the shareholding structure of LG Chem’s Gumi cathode material plant is now: LG Chem 51%, Toyota Tsusho 25%, and Toyota Cobalt’s share has decreased from 49% to 24%. This enables Toyota Tsusho to meet the newly established PFE standards, thereby complying with IRA regulations. Accordingly, Toyota Tsusho plans to supply cathode materials produced at the Gumi plant to battery customers in North America.
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