The company has recently introduced new sales and investment goals for five of its core business areas in order to pave the way to be rated as a global top five firm in the industry by 2025. The plan includes increasing sales this year by 14.5 percent to 32 trillion won ($28.27 billion).
Specifically, in the energy solutions division, the company seeks to pursue large-scale projects centered on third-generation electric vehicles. The plan is to expand battery production capacity to 1.7 million units for high-performance pure EVs (100GWh) by 2020, the company said.
|LG Chem’s NCC Plant located in Yeosu, South Jeolla Province (LG Chem)|
In the life sciences division, the company has set a new target for research and development of drugs to treat diabetes and related diseases, as well as immunology and anti-cancer research. The company will strengthen its R&D capacity in order to expand its drug pipeline.
In addition, LG Chem has invested a total of 2.8 trillion won to expand production capability of a naphtha cracking center in Yeosu, South Jeolla Province, and increase output of high-value polyolefin.
According to LG Chem, R&D investments are a top priority to sustain the company’s growth. Last year, it invested more than 1 trillion won in R&D and plans to increase the amount by 10 percent every year.