[New Year's Message] Shin Hak-cheol, Vice Chairman of LG Chem, Declares 2021 as the 'Year of Growth'

[Asia Economy Reporter So-yeon Park] Shin Hak-cheol, Vice Chairman of LG Chem, announced in his New Year's address on the 4th that "we intend to declare 2021 as 'The Year of Growth' to fully commit to actively nurturing our existing businesses worth 20 trillion KRW and new growth engines."

Vice Chairman Shin stated, "We already possess multiple next growth engines such as battery materials, sustainability, and bio, which have strong growth potential by riding future trends. We are also prepared with excellent talent, technological capabilities, and investment capacity to support these."

He emphasized, "Furthermore, if we internalize and develop our vision and core values even more, I believe that in five years, LG Chem will become a truly global top-tier company with sales exceeding 30 trillion KRW and double-digit profitability."

He also specifically mentioned the key tasks (Vital Few) to realize this vision.

Maximizing Growth Potential of Existing Businesses and Achieving Business Plans through Project A+ Execution

Vice Chairman Shin said, "Since the spin-off of the battery business, our investment capacity has improved significantly. This is a golden opportunity to actively implement growth strategies for existing businesses, accelerate growth by securing promising growth markets, and expand globally."

He stressed, "We must achieve our business plans by continuously investing as needed, improving performance focused on sales and profitability through Commercial Excellence, combining our unique LSS (Lean Six Sigma) activities with DX-driven innovation, and enhancing business value."

Accelerating the Nurturing of Next Growth Engines and Creating Meaningful Outcomes

Vice Chairman Shin mentioned, "Last year, we selected three additional areas as LG Chem's next growth engines aligned with future trends, in addition to the life sciences sector, which we are actively nurturing for the life and health of humanity."

He said, "Along with the high growth of the electric vehicle battery market, the battery materials market is also expected to expand exponentially. We must consolidate capabilities and resources across various battery materials business fields such as cathode materials, binders, dispersants, and electrolyte additives, and actively collaborate with customers or technology-leading companies to quickly generate results."

Secondly, he mentioned "Sustainable Solutions." He stated, "Sustainability is an irreversible megatrend and will be a major pillar of growth. Immense business opportunities will open to companies that first implement it commercially, and as a global chemical company, LG Chem must take the lead and secure the initiative."

He added, "We must create successful cases securing the business viability of sustainable solutions by concretizing business cooperation models based on technologies such as PCR ABS, bio-based biodegradable materials, and Carbon Capture Utilization Storage (CCUS), which are already underway."

Vice Chairman Shin also emphasized the e-Mobility materials sector. He said, "In line with trends such as lightweighting and electrification, there are new growth opportunities in engineering materials and automotive display materials. We need to understand future technology change trends from an outside-in perspective, not just our own technologies, and expand joint development with customers."

Additionally, he stated, "The innovative new drugs, where we sowed seeds several years ago in the global new drug field, have now entered a full-fledged development track by expanding a quality pipeline and advancing into global preclinical and clinical stages. Please intensify cooperation with external companies and dedicate yourselves to creating successful cases of global innovative new drugs."

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