LG Group chairman Koo Bon-moo stressed “insight and action” for the group’s next big leap at an executive meeting in Seoul on Tuesday.

“At a time of technological convergence and fierce competition across industries, we are experiencing destructive changes,” he said. “We should focus on our strengths to further elevate our competitiveness.”

LG, the nation’s fourth-largest conglomerate, has continued business restructuring centered on its next growth engine businesses including car parts, energy solutions and materials.

LG Chem, its battery and chemicals unit, has become a major force in the automotive battery market by securing global top carmakers as its key clients. The company has also won a series of big energy solutions deals overseas.

LG Electronics has also been operating a separate vehicle components business division since 2013. The company was recently named a strategic partner to supply 11 key parts for General Motors’ next-generation full-electric vehicle model.

The group has continued large-scale investments in recent years. LG Electronics plans to invest 530 billion won ($439 million) into its solar power module production plant by 2018. LG Display aims to invest more than 10 trillion won for the extended production of organic light emitting diode panels over the next three years. 

By Lee Ji-yoon (jylee@heraldcorp.com)