LG Chem Announces New Vision... Transforming from Petrochemical to 'Advanced Science' Company

[Asia Economy Reporter So-yeon Park] LG Chem is announcing a new vision to transform itself from a 'petrochemical' company into an 'advanced science' company that provides energy, materials, and bio technologies in preparation for a hyper-connected and hyper-intelligent society. This is the first time in 14 years since 2006 that LG Chem has announced a new vision.

On the 7th, Shin Hak-cheol, Vice Chairman of LG Chem, announced the new vision, "We connect science to life for a better future," through a digital live broadcast to all employees. The new vision was devised to mean creating unprecedented innovation (Connect) by organically combining the knowledge systems of all fields with the 'science'?knowledge, technology, and solutions?that LG Chem has accumulated so far, and enriching the lives of customers and humanity (Life for a better future).

At the proclamation ceremony, Vice Chairman Shin said, "Until now, we have turned dreams into reality with the science around us and the science we have accumulated, from unbreakable cosmetic caps to the world's best batteries that never existed before." He added, "Now, in the era of the 4th Industrial Revolution, it is time to evolve our business model by integrating digital technologies such as artificial intelligence (AI) and big data, and to create value that exceeds customer expectations by converging with completely different fields." He emphasized, "This new vision proclamation will be a new milestone for LG Chem to transform into a truly global company."

Along with this, LG Chem also announced its newly selected slogan, "We connect science." The new slogan symbolizes the infinite possibilities created by connecting science to human life and contributing to a sustainable future, featuring the connection of the letters C and O in "Connect" to form the infinity symbol (∞). The core values to achieve the vision were selected as Customer Focus, Agility, Collaboration, Passion, and Sustainability.

LG Chem’s decision to establish a new vision is analyzed to be due to the need for innovation beyond chemistry amid rapid changes in the business environment surrounding the company, driven by changes in its business portfolio as well as the major trends of the 4th Industrial Revolution and digital transformation. Currently, LG Chem is rapidly transforming into a new company with petrochemicals, batteries, advanced materials, and life sciences as its growth engines.

In the petrochemical sector, LG Chem is strengthening cooperation with various companies to develop bio-based eco-friendly plastics and accelerate process innovation in line with sustainability trends such as carbon dioxide reduction and plastic waste recycling. In the battery sector, it is promoting e-mobility innovation by establishing joint ventures with global automakers, enhancing global business operation capabilities, and expanding joint research to develop high-performance batteries.

In the advanced materials sector, LG Chem is strengthening competitiveness in the cathode materials business and exploring various cooperation opportunities with global material companies to discover new battery material businesses. In the life sciences sector, it is focusing research capabilities on discovering new drug targets and developing algorithms using artificial intelligence. It is also collaborating with a company that owns an AI-based cancer cell mutation prediction program to develop anticancer therapeutic vaccines.

Going forward, LG Chem plans to accelerate organizational culture innovation in line with the new vision proclamation. First, it will completely overhaul the leadership development system to ensure that the new vision and core values are linked to actual organizational operations, and from the second half of this year, it will reflect these elements in personnel systems including recruitment and evaluation.

Vice Chairman Shin said, "To realize a vision that works in practice, efforts from leaders and members as well as comprehensive improvements in systems and institutions must follow together." He added, "Based on the new vision, we will create a corporate culture where all members can become protagonists in 'connecting with science' across various job groups such as research and development (R&D), production, purchasing, and sales, with roles like Production Scientist and Sales Scientist."

This content was produced with the assistance of AI translation services.