SEOUL, March 25 (Korea Bizwire) — LG Chem Ltd. will sternly handle the legal dispute with SK Innovation Co. to receive “reasonable” and “proportionate” compensation for the damage caused by the local rival’s trade secret misappropriation of its battery technology, its CEO said Thursday. Shin Hak-cheol, CEO of LG Chem, which wholly owns the battery [...]
SEOUL, March 24 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical company, said Tuesday that it will create a business model centered on environmental, social and governance (ESG) that will encompass the full process of producing, collecting, and recycling plastic waste. The company joined hands with local startup Innerbottle Co. to set up [...]
SEOUL, Jan. 27 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical firm, said Wednesday it posted a record revenue in 2020 on strong battery sales, vowing to expand its battery unit’s production capacity to meet growing demand for electric vehicle (EV) batteries. Its annual sales rose 9.9 percent to 30.6 trillion won (US$278.6 [...]
SEOUL, Dec. 1 (Korea Bizwire) — LG Chem Ltd.’s battery business officially launched its standalone company Tuesday to take a bigger chunk of the growing battery market, but a bumpy road lies ahead to stay on top of the highly competitive industry. Kim Jong-hyun, who served as president of LG Chem’s battery unit, takes the [...]
SEOUL, Nov. 14 (Korea Bizwire) — General Motors Co. said Saturday it has decided to recall electric vehicles equipped with batteries made by South Korean producer LG Chem Ltd. due to safety concerns. The recall covers the Bolt EV produced from 2017 to 2019, installed with LG Chem’s batteries made from Ochang, 120 kilometers south [...]
SEOUL, Nov. 5 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical firm, said Thursday it will collaborate with Finland-based bio diesel producer Neste to develop renewable materials for its chemical products. LG Chem and Neste signed a strategic long-term partnership to develop biopolymers and biochemicals to reduce use of fossil feedstock in the [...]
SEOUL, Oct. 30 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical company, said Friday its shareholders approved the company’s proposal for the spin-off of its battery business. Shares in LG Chem fell 6.14 percent to 611,000 won, underperforming the broader KOSPI’s 2.56 percent decline. The move will pave the way for LG Chem [...]
SEOUL, Oct. 30 (Korea Bizwire) — LG Chem Ltd. was the world’s biggest supplier of electric vehicle (EV) batteries in the first nine months of this year thanks to robust demand from global automakers, a market research firm said Friday. South Korea’s largest chemical company accounted for a 24.6 percent share of the global EV [...]
SEOUL, Oct. 27 (Korea Bizwire) — South Korea’s National Pension Service (NPS) decided Tuesday to oppose LG Chem Ltd.’s plan to spin off its battery business at a shareholders’ meeting later this week. In September, LG Chem, the country’s leading chemical company, announced a plan to separate the battery business to better cope with growing [...]
SEOUL/WASHINGTON, Oct. 26 (Korea Bizwire) — A U.S. trade panel on Monday postponed its final decision on a high-stakes trade secret case involving two South Korean electric vehicle battery markers — LG Chem Ltd. and SK Innovation Co. — to early December. The delay marks the second of its kind after the U.S. International Trade [...]