LG Hausys to Become Key Affiliate of LX Group

Kang Gye-woong, CEO of LG Hausys said on March 25 that the company will make meaningful changes ahead of becoming a key affiliate of LX Group, which is to be launched this year.

LG Hausys is expected to be separated from LG Group and become affiliated with the newly established LX Group in May.

Kang made the comment at the 12th regular shareholders' meeting held on March 25.

LG Hausys decided to pay 300 won per ordinary share and 350 won per preferred share in dividend after receiving approval on its financial statements for 2020.

Meanwhile, LG Hausys posted 3,038 billion won in sales in 2020, a year-on-year drop of 4.7 percent, and 71 billion won in operating profit, a year-on-year rise of 4.7 percent. However, it logged a net loss of 79.4 billion won as it struggled in the auto business. Currently, LG Hausys is seeking to sell its auto business unit to Hyundai B&G Steel, an affiliate of Hyundai Motor Group.