LG Chem’s toner division has been purchased by Hubei Far East Zhuoyue Technology Company.
According to ChinaGoAbroad the transaction will see Hubei Far East Zhuoyue purchase LG Chem’s toner division, with the acquisition the first “of a division of a Fortune 500 company by a Hubei province-based company”, though no financial details “have been disclosed” at this time.
The report noted that with the 73 international patents that LG Chem has for toner, Hubei Far East “expects to produce” around 12 000 tonnes of black toner and 1 000 tonnes of colour toner per year, “thereby becoming China’s largest toner producer”. The Chinese company added that LG Chem’s European and Australian customers “have indicated they would maintain their business relations with LG”.
In another report by The Recycler in June of this year, titled LG Chem’s decision to exit toner production by the end of 2014, production was planned to have stopped in September and orders for delivery to be taken until December. The company has previously manufactured five to six thousand tonnes of toner per year for OEMs including HP, Samsung, Canon, Brother and Kyocera.