LG Energy Solution is selling assets of L-H Battery Company Inc. in Ohio to Honda Development and Manufacturing of America, an affiliate of Honda Motor Co.
The proposed transaction is valued at approximately $2.9 billion and excludes land and equipment. The sale is intended to improve the operational efficiency of the joint venture, which is jointly owned by LG Energy Solution and Honda, Reuters reported.
L-H Battery Company Inc. is a U.S.-based battery manufacturing joint venture located in Ohio, established to produce lithium-ion batteries for electric vehicles supporting Honda’s North American operations. The facility plays a central role in localizing battery production as Honda scales its EV manufacturing footprint in the United States.