[Sponsored Report] LG Chem starts ‘Year of Execution’
One of the leading chemical companies in Korea, LG Chem is planning to double its total sales to 59 trillion won ($48.7 billion) and maximize profits. Its goal is to become a top 5 chemical company in Korea.
LG Chem announced that this year is “The Year of Execution.” It will focus on strengthening its market/client-based portfolio and research and development innovation. The company will also focus on work innovation standardization, asset efficiency and establishing suitable organizational culture.
In the company’s petrochemical department, it is planning to improve the product structure by differentiating the technology and strengthening overseas partnerships. Its main goal is to become one of the key players in the industry.
A total of 2.6 trillion won will be invested for the purpose of increasing the number of differentiated products and internalizing the supply of the raw materials. Yeochun NCC, a naphtha cracking center, will be enhanced, and the polyolefin (PO) will be increased to 800,000 tons and produced until the end of 2021.
In addition, the total ratio of sales of elastomer, PO, super absorbent polymer and environment-friendly latex will be increased to 20 percent by 2022. To secure stable profits, costs will be reduced and the business capabilities will be strengthened.
Also, LG Chem plans to dominate global markets including India and China by cooperating with various regional partners.
The battery department will focus on improving the production capabilities and quality and create a price-competitive model. Its purpose is to maintain its role as a leader in the industry by creating various business models suitable for the current market situations.
LG Chem will work hard to win a contract for a project related to a third-generation electric vehicle. Battery production capabilities will be increased by producing 1.7 million electric vehicles by the end of the year.
By cooperating with automobile companies, LG Chem will be able to differentiate itself against competitors.
With differentiated products and cost competitiveness, LG Chem will develop new products for smart devices and find new markets as well.
The advanced materials department will enlarge the high-tech automobile business and develop products related to battery materials.
By Park Ji-hoon [firstname.lastname@example.org]