Lg Chem Aims to Become Global Top 5 Chemical Firms

LG Chem is aiming to become one of the global top five chemical companies by 2025 by advancing its business structures in each area and enhancing research and development (Ramp;C).

The nation's leading battery and chemical company has already entered the top 10 global chemical companies in August for the first time among domestic enterprises thanks to the growth of its electronic and battery materials business and brisk investment.

In a list of the global top 50 chemical companies, announced by the Chemical amp; Engineering News (Camp;EN), a magazine issued by the American Chemical Society, the Korean company took the No. 10 position.

The firm said it will continue to prepare for the future in its core business areas ― basic materials, batteries, electronic information materials and life sciences ― to create distinguished customer value in the Fourth Industrial Revolution and lead the market.

The company has invested more than 4 trillion won ($3.

5 billion) in capital expenditure this year, a 60 percent increase year-on-year, to strengthen competiveness in its existing businesses and nurture new areas.

To enhance its basic materials unit, the firm is investing 26 trillion won in its Yeosu plant in South Jeolla Province to construct additional naphtha cracking centers and higher value-added polyolefin factories.

Mass production will begin in the...