LG Chem was the first South Korean company to be named as one of the top 10 chemical companies in a magazine published by American Chemical Society last year, demonstrating its business capability and potential as a provider of energy solutions, chemical products and cure for human diseases.
The company has recently introduced new sales and investment goals for five of its core business areas in order to pave the way to be rated as a global top five firm in the industry by 2025. The plan includes increasing sales this year by 14.5 percent to 32 trillion won ($28.27 billion).
Specifically, in the energy solutions division, the company seeks to pursue large-scale projects centered on third-generation electric vehicles. The plan is to expand battery production capacity to 1.7 million units for high-performance pure EVs (100GWh) by 2020, the company said.
LG Chem’s NCC Plant located in Yeosu, South Jeolla Province (LG Chem)
In the life sciences division, the company has set a new target for research and development of drugs to treat diabetes and related diseases, as well as immunology and anti-cancer research. The company will strengthen its R&D capacity in order to expand its drug pipeline.
In addition, LG Chem has invested a total of 2.8 trillion won to expand production capability of a naphtha cracking center in Yeosu, South Jeolla Province, and increase output of high-value polyolefin.
According to LG Chem, R&D investments are a top priority to sustain the company’s growth. Last year, it invested more than 1 trillion won in R&D and plans to increase the amount by 10 percent every year.