LG Chem’s electric vehicle battery plant in Ohchang, North Chungcheong Province (LG Chem)
LG Chem said Tuesday it aims to double its revenue by 2024.
The South Korean chemical giant ranked 10th among the global top 50 chemical companies in 2018 in an annual survey by Chemical and Engineering News, published by the American Chemical Society, last year.
The company aims to double its current revenue of around 30 trillion won ($25.6 billion) to 59 trillion won and to secure double-digit operating margin by 2024.
It has set 2020 as the “Year of Execution” and vowed to reinforce its portfolio centering on the market and customers, direct its research and development to results-based management, and promote sustainability, among others.
As for its petrochemical business, it plans to invest 2.6 trillion won in the expansion of its Naphtha Cracking Center in Yeosu, South Jeolla Province, and polyolefin plant by 2021.