LG Chem Signs Battery Supply Contract with Hewlett-Packard
LG Chem Ltd. (South Korea) reported that it has signed a $300 million contract with Hewlett-Packard (HP) to supply 10 million battery packs for laptop computers by the end of 2007. The long-term contract will enable LG Chem to secure a stable supply chain for its rechargeable batteries business, which promises long-term growth. The battery packs for laptop computers will be comprised of both 2,200 mAh and 2,400 mAh cylindrical lithium-ion batteries. By the first half of 2006, LG Chem will start to supply HP with 2,600 mAh batteries.
"The long-term contract with HP will provide LG Chem with a strong growth and a stable foundation for the company's rechargeable business," said Executive Vice President of the Information and Electronic Materials Division Hong Soon-Yong. "It is a great achievement for the company and a chance to gain recognition in the global market for quality and technology."