SEOUL, March 11 (Yonhap) — A new holding company set to be split from LG Group finalized its corporate naming as LX, which will have a few LG affiliates under its wing.

In November, LG Group decided to hive off some affiliates for Koo Bon-joon, an uncle of current LG Group Chairman Koo Kwang-mo and a younger brother of late LG Group chief Koo Bon-moo.

The new holding firm will be launched on May 1.

Under the plan, LX Holdings will have LG International Corp., LG Hausys Ltd., LG MMA Corp. and Silicon Works Co. under its umbrella.

This image captured from the Korea Institute of Patent Information shows the logo of LX that could be used for spin-off companies from LG Group. (PHOTO NOT FOR SALE) (Yonhap)

LG Group has a tradition in which the eldest son of the group chief inherits the management power of the conglomerate, while brothers of the chief create their own business groups with spin-off companies after the group leader’s death.

Local conglomerates, like LS Group, LIG Group and Heesung Group, were all founded under LG’s management tradition.