Under its new vision, “We connect science to life for a better future,” LG Chem on Thursday announced its plan to transform the company to generate a new customer value based on the slogan “We Connect Science.”
LG Chem said it seeks to leap forward from a company that provides solutions and materials to one connecting science to life.
At a proclamation ceremony, Shin Hak-cheol, LG Chem’s Vice Chairman, announced the new corporate vision with the presence of about 20 executives and staff from each department. The event marked the company’s first vision change in over 14 years.
Shin said that LG Chem made dreams come true based on the surrounding science it accumulated from the creation of durable lids for cosmetics to world-renowned quality batteries.
The biotech and battery-making affiliate of LG Group designated five core values to reform its corporate culture. Shin enumerated them as customer focus, collaboration, passion, sustainability, and agility.
He said that now is the time to make advancements in LG Chem’s business models. He added that in the era of the “fourth industrial revolution,” it is necessary for the company to incorporate with different fields such as big data and artificial intelligence. The company should also develop values that go beyond customer expectations.
Business Portfolio Advancements
LG Chem, established in 1947, has a business portfolio that includes petrochemicals, advanced materials, energy solutions, and biotechnology. The company currently operates 15 sites in the country. Worldwide, it has five regional branch offices, 13 sales subsidiaries, 24 manufacturing subsidiaries, and an R&D center located in Boston.
The company said that it would keep up with the current sustainability trend by developing eco-friendly bioplastics, recycling plastic waste, and reducing carbon dioxide emissions.
According to SNE Research, LG Chem outperformed Japan-based Panasonic in terms of market share, rising to the top of the EV battery business. The company is continually seeking innovation in the e-mobility area by establishing joint ventures with global automakers and developing high-performance batteries.
As for its advanced materials business, the company plans to intensify its competitiveness in cathode and anode materials, and search for innovative battery materials.
Meanwhile, in the biotechnology division, LG Chem concentrates its R&D resources in developing new drugs with the use of artificial technology.
Shin pledged to strengthen communication with members both domestically and globally using videoconferencing.