LG Chem unveiled a blueprint to become one of the global top five chemical companies with sales of 59 trillion won within the next five years. Shin Hak-chul, vice chairman of LG Chem, announced his mid- and long-term strategy at his first press conference since taking office at the LG Twin Tower in Yeouido, Seoul on July 9.
"LG Chem has achieved today's remarkable growth with a mission to enrich the lives of its customers for more than 70 years since its foundation," Shin said, adding, "In particular, solid business portfolios, innovative technologies and excellent human resources built through preemptive investment after reading changes in the market paradigm are the only differentiated competitiveness and core assets of LG Chem."
"We will make a strong company stronger and pave the way for it to become truly a global company so that such competitiveness can generate greater value and sustain growth," he stressed.
"Even if we innovate with good technology, it will be meaningless if we fail to make profits through commercialization," said Vice Chairman Shin. "We will improve R&D efficiency by securing core technologies, making useful applications by utilizing them, and creating profits."
By doing so, the company aims to achieve 59 trillion won in sales in 2024, which is about twice as high as 30 trillion won in sales for this year, becoming one of the world's top five chemical companies.
Shin expressed his commitment to LG Chem's "sustainable innovation." He said, "While we have worked hard to fulfill social responsibilities, from now on, LG Chem will be reborn as a company that contributes to building a "circular economy" through its own differentiated and innovative solutions."
