Officials work at the EV battery production line of LG Chem. (LG Chem)
LG Chem has rolled out its plan to crack the top 5 global chemical company list by 2024 through change and innovation in its four key business areas.
LG Chem ranked 10th best chemical firm in C&EN’s Global Top 50 chemical companies of 2018, published by American Chemical Society. Also, the company’s brand value surpassed 4 trillion won ($3.22 billion) for the first time, maintaining fourth place for two consecutive years, according to Brand Finance Chemicals 25 2020 report.
With the momentum, the chemical firm seeks to double its current revenue of 30 trillion won to 59 trillion won and achieve a double-digit operating profit margin by 2024 to make its way to the global top 5.
For its petrochemicals sector, LG Chem aims to increase the sales of high-value products including elastomer, polyolefin and super absorbent polymer. The company also plans to invest 2.6 trillion won to increase the production capacity of Naphtha Cracking Center in Yeosu, South Jeolla Province, and polyolefin plant each by 800,000 metric tons by 2021.
LG Chem’s business strategy for battery division includes winning big battery supply deals mainly for third-generation electric vehicles that can run more than 500 kilometers.
The company’s advanced materials division plans to expand high-strength lightweight materials for cars while its IT division will begin the development of materials for next-generation displays including foldable displays.