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LG Energy Solution CEO purchases treasury shares worth W572m

March 30, 2023 - 15:19 By Yu Ji-soo
(LG Energy Solution)

LG Energy Solution CEO Kwon Young-soo has purchased 1,000 shares of the company’s stock, according to the firm's public disclosure on Thursday.

The price for each share during the time of purchase was 572,800 won ($446), bringing the total value to 572.8 million won.

The CEO in April last year purchased 1,000 company shares at 420,000 won each.

“By consistently purchasing shares of our company, CEO Kwon is enhancing our shareholder value and demonstrating responsible management,” the LG affiliate said in a statement.

Following a record-high annual performance of 26 trillion won in sales and 1.2 trillion won in operating profit last year, LG Energy Solution said it would aim for a 25 to 30 percent increase in annual sales this year.

It also plans to increase investments in facilities by over 50 percent on-year to boost the production capacity of its plants across North America, Europe and Asia from 200 gigawatt-hours to 300 gigawatt-hours by the end of this year.

The company also had an order backlog of 385 trillion won as of end-2022.

“As a high-value business, we are committed to strengthening our competitiveness across all areas,” Kwon said during the third general shareholder meeting held last Friday.

“We will work hard to earn the trust of our shareholders by maintaining and improving our status as a leading profitable company.”