Chairman Shin Dong-bin "Expanding Investment in High-Value Materials"... Visit to Lotte Fine Chemical Plant

Shin Dong-bin, Chairman of Lotte Group (left), Jung Kyung-moon, CEO of Lotte Fine Chemical, and Park Kyung-chul, Plant Manager of Lotte Fine Chemical Incheon Plant (right) are inspecting the production facilities at the Incheon plant.

[Asia Economy Reporter Lim Chun-han] Shin Dong-bin, Chairman of Lotte Group, visited Lotte Fine Chemical's Incheon plant and Lotte Aluminum's Ansan Plant 1 consecutively, announcing plans to expand investment in high value-added materials.

According to Lotte Group on the 16th, Chairman Shin visited these plants the day before and emphasized, "We must further expand investment in high value-added battery materials to transform into a globally competitive company," adding, "We need to proactively discover new business opportunities in ESG (Environmental, Social, and Governance) factors to secure sustainable growth engines."

Lotte Fine Chemical's Incheon plant is the only domestic production facility for food and pharmaceutical-grade cellulose derivatives, having recently completed expansion and preparing for commercial production. Cellulose derivatives are chemical materials derived from plant-based pulp. At the Incheon plant, they produce Anicot, used for plant-based pharmaceutical coatings, and Anaddy, an additive for alternative meat, using this material.

Lotte Fine Chemical plans to expand its business in green materials, aiming to increase annual sales from 1.2 trillion KRW last year to 5 trillion KRW by 2030. Last year, it invested 290 billion KRW in a private equity fund for acquiring shares in Solus Advanced Materials, which manufactures copper foil and battery foil for electric vehicle batteries, and is also strengthening the development of Urox, a urea solution brand that is an eco-friendly catalyst removing harmful nitrogen oxides from the human body.

Lotte Aluminum's Ansan Plant 1 completed the expansion of its cathode foil production line for secondary batteries in September last year. Lotte Aluminum is investing 110 billion KRW to build a cathode foil production plant for secondary batteries in Hungary. As the largest comprehensive packaging materials company in Korea, Lotte Aluminum produces various products including aluminum foil and pharmaceutical and food packaging materials. Recently, it has been restructuring its business portfolio focusing on secondary battery materials and eco-friendly packaging materials.

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