ICIS, the world’s largest information provider for the chemical and oil industry announced it's pick for the number 1 company in the industry yesterday. LG Chem was the recipient of that honor. As South Korea's largest chemical producer, LG posted a sales increase of 8% and a whopping jump in operating profits of 45% during a time that has the industry reeling from devastating sales numbers.

“This award marks a symbolic achievement for LG Chem. LG Chem’s significant outperformance results from its tireless efforts to create innovation and introduce a new culture of change to the organization, while improving global competitiveness as well.” said LG Chem CEO and vice chairman Peter Bahnsuk Kim.

LG wasn't the only Korean company to be ranked by the firm. SK Energy and Honam Petrochemical Corp came in 26th and 59th respectively on the list of the top 100 companies.