LG Chem announced Thursday its new vision to transform the company from providing materials and solutions to one connecting science to life.

The company held a ceremony marking its first vision change in 14 years with LG Chem Vice Chairman Shin Hak-cheol presiding in the presence of some 20 staff and executives from each department.

“So far, LG Chem has turned dreams into reality with the science around us and has accumulated, making unbreakable lids for cosmetic products and the world’s greatest batteries that didn’t exist before,” Shin said.

“In the era of the ‘fourth industrial revolution,’ now is the time to advance business models and to merge with completely different fields by applying digital technologies such as artificial intelligence and big data to create values that exceed customer expectations.”

Under the new vision “We connect science to life for a better future,” LG Chem introduced a new slogan: “We connect science,” designating five core values -- customer focus, agility, collaboration, passion and sustainability.

LG Chem’s current business areas include petrochemicals, energy solutions such as ESS batteries, advanced materials, and life sciences for primary and specialty care as well as aesthetic purposes.

LG Chem was established in 1947 as Lucky Chemical Industry and is a subsidiary of LG Group. It acquired the name LG Chem in 1995, the same year it completed construction of its Tianjin PVC plant in China. It currently operates 15 sites nationwide. Globally it has 24 manufacturing subsidiaries, 13 sales subsidiaries, five regional branch offices and a research and development center (Boston).

As for its petrochemicals business, LG Chem said it will make the business more sustainable by reducing carbon emissions and developing environment-friendly bioplastic.

For its battery business, LG Chem is pursuing e-mobility by developing high-performance batteries and creating joint ventures with global automakers.

Within the advanced materials side of its business, the company plans to bolster cathode materials and search for new battery materials. Cathode is one of the four key components of a lithium-ion battery, along with the anode, electrolyte and separator.

LG Chem said it is also concentrating its R&D resources to develop AI and algorithms for finding new drug targets.

Shin vowed that with the new vision, the CEO will regularly communicate through videoconferences with members both in Korea and around the world, and that different jobs within the group will be connected to the science aspect. He cited “production scientist” and “sales scientist” as examples.

By Kim Byung-wook (kbw@heraldcorp.com)