LG Chem to sell water filter business to Glenwood PE for $692 million

Q: How long will it take to read this news story?

The story "LG Chem to sell water filter business to Glenwood PE for $692 million" has 457 words across 23 sentences, which will take approximately 2 - 4 minutes for the average person to read.

Q: Which news outlet covered this story?

The story "LG Chem to sell water filter business to Glenwood PE for $692 million" was covered 3 hours ago by Korea Economic Daily, a news publisher based in South Korea.

Q: How trustworthy is 'Korea Economic Daily' news outlet?

Korea Economic Daily is a fully independent (privately-owned) news outlet established in 1964 that covers mostly economy news. The outlet is headquartered in South Korea and publishes an average of 5 news stories per day. It's most recent story was published 5 minutes ago.

Q: What do people currently think of this news story?

The sentiment for this story is currently Neutral, indicating that people are not responding positively or negatively to this news.

Q: How do I report this news for inaccuracy?

You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.<ul><li>News ID: #28243526</li><li>URL: https://biskek.beamstart.com/news/lg-chem-to-sell-water-17458271311482</li></ul>

Korea Economic Daily Logo Korea Economic Daily 3h ago

LG Chem to sell water filter business to Glenwood PE for $692 million - Korea Economic Daily

Quick Summary:

South Korea’s LG Chem Ltd.has agreed to sell its water filter business – the world’s second-largest producer of reverse osmosis membranes – to Glenwood Private Equity Co.for an estimated 1 trillion won ($692 million), as the chemicals giant accelerates efforts to shore up its balance sheet amid growing market uncertainty.

Glendwood PE already acquired Techcross Inc., the water treatment unit spun off from LG Electronics Inc.and bought LG Chem’s diagnostics business, building a track record of stable post-acquisition investment and employment – a key factor in securing the latest deal over global private equity competitors.

The water filter business, which manufactures high-performance reverse osmosis (RO) membranes used for desalination and industrial water treatment, generated mid-200 billion won in revenue last year, with an operating profit of 90 billion won and 64 billion own in earnings before interest, taxes, depreciation and amortization (EBITDA).