LG holdings unit spinoff named LX Holdings
A new holdings unit spinoff from LG Corporation has been named LX Holdings ahead of a regular shareholder meeting later this month to finalize the split decision.
LG filed dozens of trademarks for LX last week with the Korean Intellectual Property Office.
LX Holdings will control four affiliates — LG International, LG Hausys, Silicon Works and LG MMA — and Koo Bon-joon, an uncle of current LG Group Chairman Koo Kwang-mo, will head the new entity.
The four affiliates will also be renamed by replacing LG with LX.
LX Holdings will be located at the office of LG International in Gwanghwamun, central Seoul.
With a combined net asset of 7 trillion won ($6.2 billion), the shares of LX Holdings will be relisted on May 27 after a month of hiatus during the spin-off process.
BY PARK EUN-JEE [firstname.lastname@example.org]