Toray Industries announced that it has agreed to sell the remainder of its stake in LG Toray Hungary Battery Separator Kft. to LG Chem, Ltd., for around ¥30 billion. That joint venture manufactures and sells battery separator film for rechargeable lithium-ion batteries in Hungary.

Toray originally held 50% of that company. It agreed to sell a 20% portion to LG Chem after June 30 this year. LG Chem assumed primary responsibility for management and operations. The new agreement is for the remaining 30% stake.

The Toray Group will keep catering to customer needs by developing, manufacturing, and supplying battery separator film-related products at its facilities in Japan and South Korea.