LG Electronics is accelerating vehicle components business

LG Electronics is stepping up its vehicle components business after acquiring a 100 percent stake in V-ENS, an engineering firm under its affiliate LG CNS.

LG said in a regulatory filing Friday it would establish a new Vehicle Components division today, combining component-related business units to create synergy and strengthen the business. The new division will merge with the car infotainment unit under the Home Entertainment division. Other LG Electronics divisions are Energy Components, which develops motors for electronic vehicles, inverters and compressors, and V-ENS, the company previously owned by LG CNS.

Auto parts expert Lee Woo-jong, former chief executive of V-ENS, was appointed to lead the new division.

The overhaul increases the number of business units from four to five: Home Entertainment (HE), Air Conditioning and Energy Solution (AE), TV, Mobile Communications (MC) and the new VC.