[THE INVESTOR] LG Electronics has recently acquired a 70.2 percent stake in CCP-LGE Owner, a US solar power company, for 11.7 billion won (US$11 million), according to The Bell on March 19.
Although LG is now a majority shareholder, it has reportedly not acquired management rights possibly due to deal conditions with other shareholders.
The report said the US firm runs operations in Delaware and North Carolina. An LG spokesperson declined to further elaborate.
LG Group is making a big push on solar power business across affiliates along with vehicle parts business as future growth businesses. Last year, LG Electronics set up an investment firm, called LG Electronics US Power, to invest in energy projects in the country.
The tech giant is specialized in producing solar power panels, supplying module products to Korean and overseas clients. It plans to expand its production lines to 14 at its Gumi plants by injecting more than 500 billion won in the first half of this year.
By Lee Ji-yoon (email@example.com)