[SPONSORED REPORTS] LG Chemcontinues to boost global competitiveness

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[SPONSORED REPORTS] LG Chemcontinues to boost global competitiveness

Employees work on a production line at LG Chem’s electric vehicle battery plant in Ochang, North Chungcheong. [LG CHEM]

Employees work on a production line at LG Chem’s electric vehicle battery plant in Ochang, North Chungcheong. [LG CHEM]

LG Chem, a leading chemical company in Korea, is striving to become one of the top five chemical companies in the world.

Announcing that this year is “The Year of Execution,” LG Chem will focus on strengthening market- and client-based business portfolios and innovation in research and development. It will also work on improving asset efficiency, standardizing work innovation and establishing an organization culture suitable for a global company.

LG Chem’s potential is already recognized by many. According to an annual report by a brand valuation company from Britain, it ranked fourth for the second consecutive year in terms of chemical brands.

The company plans to double its sales to 59 trillion won ($49.8 billion) and reach double digits in terms of operating profit ratio. The company hopes to become one of the top five chemical companies in the world.

To attain its goal, each division of LG Chem is doing its utmost by pursuing innovative technologies and diversifying its business portfolio.

In the petrochemical division, it will focus on improving the product structure by actively encouraging technology differentiation and strengthening overseas partnerships.

It will also invest a total of 2.6 trillion won to increase its naphtha cracking center and polyolefin facility by 800,000 tons. The products from these upgraded facilities will be produced from 2021.

The battery division will continuously work on improving production capabilities and quality along with finding suitable business models in the market.

The division wishes to win battery orders for the third-generation electric vehicle and become the leader in the industry. It also plans to increase battery production capabilities to 100 gigawatt-hours which is enough to provide batteries to approximately 1.7 million vehicles.

In addition, its Energy Storage System (ESS) batteries and small-sized batteries will offer new opportunities in the market which could enable the company to find profitable businesses.

The advanced material department will expand business related to high-tech automobile materials and enhance the batteries’ capabilities.

Based on its engineering plastic businesses, the division will focus on developing high-strength lightweight materials for automobiles.

Also, technologies related to cathode material will be advanced and related materials will be internalized to secure overall supplies.

In the life and science division, it has chosen diabetes, immunity and anticancer as targets and will focus on developing new medicines in these fields.

LG Chem’s years of experience and active interaction with other companies will play a key role in developing new medicines in these fields.

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