[Asia Economy Reporter Hwang Yoon-joo] LG Hausys announced on the 26th that it has signed a memorandum of understanding (MOU) with Hyundai BNG Steel regarding the sale of its automotive materials and industrial film business.
Both companies plan to proceed with formal negotiations as the preferred bidders for the sale, and specific contract terms, procedures, and schedules will be disclosed again once decided.
An LG Hausys official stated, "Amid an unprecedented urgent management crisis last year, the entire company has been considering various strategic options, including business sales, to fundamentally strengthen competitiveness and improve profitability. As a result, we decided to pursue the sale of the automotive materials and industrial film business." He added, "In selecting the preferred bidder, we prioritized the potential to grow the business and the ability to maintain employment stability for our employees."
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