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[Sponsored Report] LG Chem renews focus on high-value added products

Feb 27,2019
LG Chem invested a total of 2.8 trillion won ($2.5 billion) in July last year to expand its Yeosu naphtha cracking facility in South Jeolla. [LG CHEM]
LG Chem came in at No. 10 on last year’s list of global chemical companies in 2017 from C&EN, a weekly magazine published by the American Chemical Society.

LG Chem, the first Korean chemical company to ever enter the top 10, plans to build on that success over the next few years with the goal of reaching the global top five by 2025. To do this, LG Chem is aiming for 13.5 percent yearly growth until 2025.

First, the basic materials division will continue to strengthen its competitiveness in the global market by focusing on high-value added businesses, fostering business structures and exploring new materials for the future.

In particular, the company will heavily invest in high-value added products such as synthetic resin acrylonitrile butadiene styrene (ABS) and polyolefin.

LG Chem extended the ABS production capacity of its plant in South China to 150,000 tons by investing $100 million last year. It plans to have a total ABS production capacity of 2 million tons across all facilities, including 90,000 tons in Yeosu, South Jeolla, and 800,000 tons in Ningbo, China.

LG Chem has also started to make large-scale domestic investments to accelerate its basic material business structure and expand high-value added products. LG Chem invested a total of 2.8 trillion won ($2.5 billion) in July last year to expand its Yeosu naphtha cracking facility and polyolefin production, each by 800,000 tons.

Furthermore, the company plans to continuously increase sales of high-value added products such as elastomers, metallocene-based polyolefin, high-performance ABS, engineering plastics, next-generation SAP and environmentally-friendly synthetic rubber to 7 trillion won by 2020.

The battery division will continue to secure a competitive advantage in terms of price, performance and safety through research and development and strengthen its position as a market leader.

The division is focusing on developing and expanding market-leading products that have differentiated performance and cost competitiveness. Its small-sized batteries are also used for new products such as the latest smart devices, power tools, vacuum cleaners and electric bicycles to accelerate business transformation.

The information and electronic materials division plans to lead the market by aggressively expanding its OLED materials business and strengthening competitiveness in new business areas such as water treatment.

The water treatment business is accelerating its global market targets across all fields. The company is expanding its projects based on its competitiveness in products such as industrial equipment and desalination plants.

The materials division plans to improve its cathode material production technology, the four major raw materials for batteries, and concentrate on developing high-performance OLED materials.

The company also plans to accelerate the development of high-efficiency, long-life, high-performance OLED materials by utilizing strategic patent contracts.

By Shim Ji-yong [shim.jiyong@joongang.co.kr]


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