LG Chem exits water treatment

Korea’s LG Chem has agreed to sell its water solution business to Glenwood Private Equity for $1 billion. The business makes reverse osmosis membranes for seawater desalination and industrial wastewater treatment. It is the world's second-largest player in the sector, with revenues of $162 million in 2024.

This is part of LG Chem’s effort to streamline operations and focus on eco-friendly materials, battery materials and pharmaceuticals. Glenwood, which previously acquired LG Chem’s diagnostics unit and water treatment subsidiary Techcross, has created a holding company to manage the business and plans to inject about $145 million into it to increase capacity.