LG Chem Ltd. Overview
Company Headquarters: South Korea
Founded: 1947
Workforce: ~ 14,691
Company Working:
LG Chem Ltd is a Korea-based company principally engaged in the manufacture of petrochemical materials. The Company operates its business through five segments. The Petrochemistry Business segment is mainly engaged in the manufacture of basic materials which are mainly used for petrochemical industry, and the products include polyvinyl chloride (PVC) resins, low-density polyethylene (LDPE), poly styrene (PS), and acrylonitrile butadiene styrene (ABS). The Battery Business segment mainly engages in the manufacture of rechargeable batteries for mobile phone, automobile and storage batteries. The Advanced Materials Business segment mainly manufactures optical materials for manufacturing polarizers, and electronic materials including liquid crystal display (LCD) materials and cathode materials. The Life Science Business segment engages in the bio pharmaceutical business. The Common and Other segment manufactures and sells crop protection agents, fertilizers and seeds.
LG Chem is a leading global supplier of lithium-ion battery cathode materials. The company has a strong track record of innovation and has developed some of the most advanced cathode materials on the market. LG Chem is committed to providing its customers with the best possible battery performance and safety.
Strategy
LG Chem aims to strengthen the competitiveness of its core technologies, increase investment in the next-generation materials and technologies, and develop new growth engines for the future to maintain its position. The company tries to pursue harmonious long-term growth in the environment, society, and economy through developing environmentally-friendly technology and products. It operates R&D centers in South Korea. In FY2021, it spent KRW2,55,150 million on R&D, which was 0.59% of its revenue.
Product offerings across diverse markets mitigate risks associated with single sector. The company's Petrochemicals segment manufactures and markets PE, PP, BPA, ABS, EP, PVC, plasticizers, acrylic, SAP, synthetic rubber and others. These products are used in the manufacturing of pipes, tires, shoe soles, electric and electronic devices, floor coverings, auto parts, industrial materials, and flexible and rigid sheets. The company's Energy Solutions segment manufactures and supplies mobile batteries, automotive batteries, and electricity storage batteries. The company through its subsidiary FarmHannong Co Ltd manufactures and markets crop protection products, seeds, fertilizers. Life Science business offers primary drug, specialty drug and vaccines for pharmaceutical industry.
