Lotte Group looks to invest in the future
Lotte Group is continuing to expand its business into future-oriented industries with a five-year plan to secure future growth engines.
“A company’s reputation isn’t something built in a day” said Lotte Chairman Shin Dong-bin. “Endless efforts to seek potential customers and markets are what sculpt a company with high expectations for future development.”
Lotte plans to invest in core industries such as chemical, produce and infrastructure to improve its focus on health and wellness, mobility and sustainability. The company expects this to be a long-term project, with a plan to invest a total of 37 trillion won ($28 billion) over the next five years.
One of Lotte’s future development strategies focuses on the global electric vehicle (EV) market. Led by Lotte Data Communication (LDCC), the company aims to provide reliable charging businesses in line with the rapid growth of EVs. In order to acquire that goal, LDCC has acquired over 70 percent of JoongAng Control, an EV charging station manufacturer, for 69 billion won ($52.5 million) in January.
JoongAng Control has a full lineup of EV chargers with different charge loads. Some are globally acknowledged products and have been awarded the CE marking as well as a UL certification.
Lotte’s aim is to create a total of 5,000 high-speed chargers by 2025 with the assistance of JAC, Hyundai Motor Company and KB Asset Management.
Lotte is also focusing on battery production. Lotte endeavors to structure value chains in required materials along with its chemical affiliates Lotte Chemical, Lotte Fine Chemical and Lotte Aluminium with the goal of securing the related technology, generating cooperative ties among subsidiaries and positioning the company as the leader of the future battery material business.
Lotte Chemical aims to become the first company to domestically produce ethyl methyl carbonate (EMC) and di ethyl carbonate (DEC) in Korea. The company announced construction plans of related plants in May last year, highlighting the goal of domestically generating ethylene carbonate (EC) and dimethyl carbonate (DMC), both of which are organic solvent electrolytes used in battery production.
The new factories will increase production capacity and increase Lotte’s presence in the battery material market.
Lotte Chemical will also study materials with high potential for future batteries and intends to collaborate with related firms, including Standard Energy and Soelect, which have expertise working with battery components such as lithium and vanadium.
The health and wellness sector will be in the hands of Lotte Healthcare and Lotte Biologics.
With the assistance of Theragen Bio and Sonix Health, Lotte Healthcare aims to create a new way of diagnosing health status with innovative healthcare platforms. Smart systems will be implemented to assess the condition of patients based on algorithm technology.
Lotte hopes to allow patients to receive a detailed analysis of their health based on scientific fundamentals like DNA and personal database.
Lotte Biologics is also pushing forward, driving installation plans for factories both in and out Korea. It expects to become one of the top 10 bio contract development and manufacturing organizations via large scale investments.
BY LEE HYEIN [email@example.com]