Samsung SDI sells stake in Lotte Advanced Materials to secure investment fund

By Lim Chang-won Posted : July 30, 2019, 17:57 Updated : July 30, 2019, 17:57

[Courtesy of Samsung SDI]


SEOUL -- Samsung SDI, a major battery maker in South Korea, sold a 10 percent stake worth 279.5 billion won ($236.4 million) in Lotte Advanced Materials to secure an investment fund, as its battery business showed a good performance.

Samsung SDI said in a regulatory filing on Tuesday that the stake was sold to Lotte Chemical, a Lotte Group unit. Samsung SDI's second-quarter net profit soared 53 percent from a year ago to 160.2 billion won. Sales rose 6.9 percent on-year to 2.4 trillion won while operating profit was up 2.9 percent to 157.3 billion won.

Second-quarter sales in Samsung SDI's battery business rose 5.3 percent to 1.8 trillion won, helped by brisk sales of electric vehicle batteries in Europe and energy storage systems in the United States.
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