LG Innotek R&D 534 Billion KRW and Energy Cost Savings of 5.4 Billion KRW

[Asia Economy Reporter Kim Hyewon] LG Innotek invested 534 billion KRW in research and development (R&D) last year and saved a total of 5.4 billion KRW in energy costs.

LG Innotek announced on the 20th that it published a sustainability management report containing these details. This is the 11th sustainability management report published by LG Innotek since 2010, covering the company's corporate social responsibility (CSR) achievements.

Marking its 50th anniversary this year, LG Innotek established a CSR team at the end of last year to strengthen CSR efforts for a sustainable company and is actively promoting related activities.

In this report, LG Innotek disclosed sustainability management activities and achievements targeting five key stakeholders: customers, employees, shareholders, partners, and local communities.

First, from the customer perspective, LG Innotek invested approximately 533.7 billion KRW in R&D last year to continuously provide customer value through innovative technology. According to the Korea Institute for Advancement of Technology, LG Innotek ranked 12th among the top 100 domestic companies in R&D investment, with its R&D investment amount increasing annually.

Through this, the company introduced products such as 3D sensing modules for smartphones, the world's first flexible stereoscopic lighting modules for vehicles, vehicle 5G communication modules, ultra-slim 5G RF-SiP (System in Package) substrates, and ultra-small low-power Bluetooth for IoT.

LG Innotek is focusing on building eco-friendly workplaces to join global climate change efforts with customers, reducing energy costs and greenhouse gas emissions.

Last year, LG Innotek saved a total of 5.4 billion KRW in energy costs, which is about a 70% increase compared to the 3.2 billion KRW saved in 2018. The greenhouse gas emission intensity, which indicates greenhouse gas emissions relative to sales, also decreased by 20% in one year.

For employees, LG Innotek is building a 'First-Class Culture' to achieve the vision of becoming the 'Global No.1 Materials and Components Company.' The First-Class Culture refers to an organizational culture where employees work with pride and unity in a dynamic workplace to create top performance.

It was also explained that shareholder value was increased through sound profit generation. LG Innotek recorded sales of 8.3021 trillion KRW and operating profit of 403.1 billion KRW last year, representing increases of 4% and 53%, respectively, compared to the previous year.

The company is also operating a win-win growth system with partners. It is making efforts for mutual growth in finance, technology, management, and education fields through a 63 billion KRW win-win growth fund, CSR consulting, and online and offline education support.

For social contribution to local communities, employees voluntarily participated in over 140 volunteer sites last year, conducting various programs such as the 'Junior Sonamu (Materials and Components Dream Tree) Classroom' supporting youth education and welfare, and 'Neighbor Plus' helping vulnerable groups achieve independence. Overseas subsidiaries in China, Indonesia, Poland, and other countries received positive responses with programs tailored to each country's characteristics, including home appliances, road and school facilities, and scholarship support.

Jung Cheol-dong, CEO of LG Innotek, said, "For LG Innotek to be sustainable, it must continuously generate business results while fulfilling social responsibilities commensurate with its business scale," adding, "We will actively communicate with stakeholders to become a beloved company."

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