LG Chem and Chicago-based Archer Daniels Midland have reached an agreement in principle to jointly build a poly lactic acid (PLA) factory in a move to produce biodegradable plastics that are made from fermented corn starch.
LG Chem is collaborating with e-commerce giant Coupang on an eco-friendly project that recycles plastic waste.
LG Chem and Siheung, Gyeonggi-based biodiesel maker Dansuk Industrial have reached an agreement in principle to build a hydrotreated vegetable oil (HVO) plant in a move to ramp up the production of eco-friendly materials.
The free fall in LG Chem shares on Monday might have been an overly panicked reaction to bad news for the company, analysts said.
LG Chem is investing 2.6 trillion won ($2.2 billion) through 2028 to ramp up production of eco-friendly materials in Korea.
LG Chem, the chemical arm of LG Group, is prioritizing sustainability in its business strategy based on the concept of environmental, social and governance management.
LG Chem’s net profit jumped 289.5 percent on year to 1.63 trillion won ($1.42 billion) in the second quarter, beating the market consensus of 1.05 trillion won as compiled by FnGuide.
Chemical companies are selling eco-friendly products, hoping their ecologically concerned customers will notice.
LG Chem plans to invest 10 trillion won ($8.7 billion) over the next five years to ensure the sustainable growth of its battery parts, ecofriendly material and drug businesses.
LG Chem has started operations at its nitrile butadiene latex (NBL) manufacturing plant in Ningbo, China, the company said Monday.