Notice of the Division of LS Mtron Ltd.
LS Mtron Ltd. (“Company”) intends to perform a simple and physical division of its Ultracapcitor (UC) business division (“Physical Division”) to establish a newly incorporated company by simple division (“Newly Incorporated Company by Simple Division”) and sell the Newly Incorporated Company by Simple Division to LS Cable&System Co. around January 1, 2021. As all existing agreements, rights, liabilities and obligations of the Company’s Ultracapcitor (UC) business division will be transferred to the Newly Incorporated Company by Simple Division following the Physical Division, we hereby provide you a notice as follows:
1. Notice of the Physical Division
The expected date of the Physical Division is January 1, 2021. The name and address of the Newly Incorporated Company by Simple Division is as follows:
Name: LS Materials Co., Ltd.
Address: LS Mtron Hi-Tech Center, 39, LS-Ro, 116 beon-gil, Dongan-Gu, Anyang-Si, Gyeonggi-Do
2. Notice of Transfer of Agreements
The contractual relationships and all related rights, obligations and liabilities of the Company in its Ultracapacitor (UC) business division will be comprehensively transferred to the Newly Incorporated Company by Simple Division pursuant to the division plan for the Physical Division. Since such contractual relationships, rights and obligations are comprehensively succeeded at the time of the Physical Division without any separate transfer procedures between your company and the Company under the Commercial Code, all orders, deliveries, billings and payments following the completion of the Physical Division will be made with the Newly Incorporated Company by Simple Division.
This Physical Division is part of our efforts to actively respond to the changes in the overall market and business environment and to enhance the competition and specialization of each of our business divisions through efficient allocation of our management resources. Ultracapacitor(UC) business will be incorporated as a subsidiary of LS Cable&System and LS Cable & System Co., Ltd. will invest and support for the growth of Ultracapacitor business.
We kindly request your continued cooperation for the development of our respective companies. If you have any questions regarding the Physical Division, please contact the relevant person in charge of applicable transaction.
November 24, 2020
LS Mtron Ltd.
Representative Director(CEO) Yeon-Soo Kim