LG Chem announced its blue ocean shift strategy to post 60 trillion won in revenue, which is more than double of the current, by 2030, while increasing the proportion of eco-friendly high-value new businesses by more than half of the total.
The 60 trillion KRW revenue goal set for 2030 is a number planned only with direct businesses of LG Chem excluding revenue from its subsidiary, LG Energy Solution.
Chief Executive Officer Hak Cheol Shin stated in an investor seminar held live online on the 8th that revenue will grow from 26 trillion KRW in 2021 to 60 trillion by 2030, which is more than a 130% increase.
He also announced plans to raise revenue of the company’s three major new businesses in eco-friendly materials, battery materials, and new drugs by more than 10-fold from 3 trillion to 30 trillion KRW.
Investments in R&D related to this will also be accelerated. It also plans to hire more than 500 employees in R&D this year to procure about 3,300 employees, while also investing 1 trillion KRW in R&D, which is 35% higher than that of the previous year.
Chief Executive Officer Shin stated, “LG Chem has diversified its business portfolio ranging from the battery business to advanced materials and bio businesses including IT materials and battery materials depending on the flow of industries and achieved revenue growth of more than 10 times over the past 20 years.”
He added, “The Great Reset of the industry prompted by the current climate crisis, digital transformation, and post-pandemic era will also serve as a great opportunity for LG Chem’s leap into the ‘Top Global Science Company.’”
by LG Chem, Press Release
During a European Industry Summit held on the site of BASF in Antwerp, leaders from basic industry sectors, representing 7.8 million workers in Europe, joined forces with European trade unions and European leaders to address pressing concerns regarding Europe’s industrial landscape.
The use of blue or low-carbon hydrogen, made from natural gas with carbon capture and storage (CCS), could increase near-term global warming by 50% compared with burning fossil fuels directly for energy if emissions are not properly managed, according to a new study by NGO the US Environmental Defense Fund (EDF) and the University of Arizona.
In a move to improve the supply of renewable hydrogen and thus reduce dependence on natural gas and contribute to achieving the objectives of the European Green Deal and the REPowerEU plan, the EU Commission has approved a third Important project of common European interest (IPCEI) to support hydrogen infrastructure.