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LG Chem

Summary

LG Chem Ltd. (Korean: LG화학), often referred to as LG Chemical, is the largest Korean chemical company[1] and is headquartered in Seoul, South Korea. It was the 9th largest chemical company in the world by sales in 2021.[2] It was first established as the Lucky Chemical Industrial Corporation, which manufactured cosmetics. It is now solely a business-to-business company (consumer products division was spun off into LG Household & Health Care).

LG Chem Ltd.
Formerly
  • Lak Hui Chemical (1947–1966)
  • Lak Hui Chemical Industries (1966–1973)
  • Lucky Ltd. (1974–1995)
Company typePublic
KRX: 051910
KRX: 051915
IndustryChemicals
Founded1947; 77 years ago (1947)
HeadquartersSeoul, South Korea
Products
  • Raw materials
  • Chemicals
  • IT and electronics materials
  • Energy solutions
RevenueIncrease KRW 51.865 trillion (2022)[1]
1,798,159,000 won (2020) Edit this on Wikidata
Increase KRW 2.195 trillion (2022)[1]
Total assets41,388,894,000 won (2020) Edit this on Wikidata
OwnerLG Corporation (33%)
Number of employees
20,000+ (2022)
SubsidiariesLG Energy Solution (81%)
WebsiteLG Chem

The company has eight factories in South Korea and a network of 29 business locations in 15 countries. This network includes a holding company in China, 14 overseas manufacturing subsidiaries, five marketing subsidiaries, seven representative offices, and two R&D centers.[citation needed] The Financial Times reported on April 2, 2017, that LG Chem would be expanding battery production in China. At the time, China accounted for one-third of the company's total sales.[3] In April 2019, LG Chem sued rival SK Innovation for allegedly stealing trade secrets for manufacturing electric vehicle batteries.[4]

Business and product areas edit

Current edit

LG Chem has three main business areas:

  • Petrochemicals
  • Advanced materials
  • Life sciences

Petrochemicals edit

LG Chem is a supplier of petrochemicals ranging from basic distillates to specialty polymers. For example, it is a large producer of common plastics such as acrylonitrile butadiene styrene (ABS),[5] styrene-acrylonitrile resin (SAN),[6] and polyvinyl chloride (PVC).[7] It also produces raw materials and liquids, including plasticizers, specialty additives, alcohols, polyolefins, acrylic acid, synthetic rubber, styrenics, performance polymers, engineering plastics, elastomers, conductive resins, and other chemicals.

Advanced materials edit

LG Chem supplies display and optical films, polarizers, printed circuit materials, and toners. It also supplies LCD polarizers, which are multi-layer sheets of film applied to the top and bottom surfaces of TFT-LCD panels to transmit the light from the backlight unit through the panel, and 3D FPR (film-type patterned retarder) film, which enables three-dimensional viewing.

Life sciences edit

LG Chem acquired AVEO Pharmaceuticals, a U.S. bio firm focused on renal cell carcinoma, for US$571 million in 2023.[8]

Former edit

Energy solutions edit

 
Chevrolet Volt, known as the Opel Ampera in Europe

LG Chem completed development and began mass production of Korea's first lithium-ion batteries back in 1999. At the end of 2011, LG Chem was the world's third-largest maker with an annual production capacity of 1 billion cells.[citation needed] It is also a supplier of automotive battery for electric vehicles, such as the Ford Focus, Chevrolet Volt and Renault ZOE.

LG Chem Michigan is a wholly owned subsidiary of LG Chem based in Holland, Michigan[9] which operates a plant to manufacture advanced battery cells for electric vehicles. The US$303 million Holland plant received 50% of its funding from U.S. Department of Energy matching stimulus funds,[10] and started manufacturing battery systems in 2013.[11] The plant can produce enough cells per year to build between 50,000 and 200,000 battery packs for electric cars and hybrids such as the Chevrolet Volt by General Motors,[12][13][14][15][16] the Ford Focus Electric, and upcoming plug-in electric vehicles from other carmakers.[17] Its research and development arm, called LG Chem Power, is based in nearby Troy, Michigan.[18] LG Chem Power and LG Chem Michigan were originally one company called Compact Power, Inc.[19]

Both the Chevrolet Volt and the Ford Focus Electric initially used cells manufactured in Korea by parent LG Chem[20][21] and then later switched to cells produced in LG Chem Michigan's Holland plant once it opened.

In September 2020, LG Chem unveiled its plan to publicly list its energy division under the name of LG Energy Solution by December.[22]

Accidents and incidents edit

Visakhapatnam gas leak edit

On 7 May 2020, a gas leak incident that took place at the LG Polymer plant at Gopalapatnam on the outskirts of Visakhapatnam resulted in the death of 12 people, hospitalization of over 300 and around thousands falling sick. Nearly 3000 people were evacuated from villages in five-kilometre radius of the plant. The gas reportedly started leaking around 2:30 am when the workers were preparing to reopen the plant after the lockdown ordered due COVID-19 pandemic was relaxed in the region.[23][24]

Seosan plant explosion edit

On 19 May 2020, an alkylaluminum-based catalyst powder exploded due to high-pressure while being transported at the packing room of the LG Chem plant at Seosan. The explosion exposed the pyrophoric powder to the air, causing a fire. As a result, a 39-year-old researcher died and two more workers suffered second-degree burns.[25][26][27]

See also edit

References edit

  1. ^ a b c "LG Chem Ltd". InsideView. Archived from the original on 11 September 2013. Retrieved 10 January 2015.
  2. ^ Tullo, Alexander H. (24 July 2022). "C&EN's Global Top 50 chemical firms for 2022". Chemical & Engineering News. American Chemical Society. Retrieved 28 September 2023.
  3. ^ Jung-a, Song (2 April 2017). "LG Chem holds faith in China despite battery of obstacles". Financial Times. Retrieved 3 April 2017.
  4. ^ Lambert, Fred (30 April 2019). "LG Chem sues SK Innovation over allegedly stealing electric car battery trade secrets". Electrek.
  5. ^ Maxey, Kyle (31 January 2014). "LG Chem to Supply ABS to Stratasys". Engineering.com. Retrieved 10 January 2015.
  6. ^ "ABS/SAN". LG Chem. Archived from the original on 19 January 2015. Retrieved 10 January 2015.
  7. ^ "PVC". LG Chem. Archived from the original on 18 January 2015. Retrieved 10 January 2015.
  8. ^ "LG Chem completes acquisition of AVEO Pharmaceuticals". Yonhap. Seoul. 19 January 2023.
  9. ^ "LG Chem — Overseas Sites — Americas — Manufacturing Plants". LG Chem. Archived from the original on 11 January 2015. Retrieved 10 January 2015.
  10. ^ "LG Chem to establish new electrolyte production plant in Michigan". Green Car Congress. 7 November 2010. Retrieved 19 May 2011.
  11. ^ Harger, Jim (21 November 2013). "Behind the scenes at LG Chem's advanced battery plant in Holland: It's cleaner than clean". MLive. MLive Media Group. Retrieved 10 January 2015.
  12. ^ Kim, Soyoung (22 October 2008). "LG Chem to supply GM Volt batteries — sources". Reuters. Retrieved 11 August 2009.
  13. ^ "BREAKING: LG Chem and Compact Power Inc. to Supply Volt Battery Packs". GM-Volt.com. 22 October 2008. Archived from the original on 18 October 2019. Retrieved 11 August 2009.
  14. ^ Johnson, Drew (24 October 2008). "GM inks Chevrolet Volt battery contract". Leftlane. Archived from the original on 22 September 2018. Retrieved 11 August 2009.
  15. ^ Compact Power Inc press release (5 June 2008). "Compact Power, Inc. Wins Lithium-Ion Battery Development Program For General Motors Hybrid Electric Vehicles" (PDF). Archived from the original (PDF) on 24 July 2008. Retrieved 8 June 2008.
  16. ^ Voelcker, John (August 2008). "Battery Czar". IEEE Spectrum. pp. 32–37.
  17. ^ "LG Chem Wins GM Supplier of the Year Award". Electric Cars Report. 17 March 2011. Retrieved 19 May 2011.
  18. ^ "LG Chem — Overseas Sites — Americas — R&D Centers". LG Chem. Archived from the original on 11 January 2015. Retrieved 10 January 2015.
  19. ^ "Separate Financial Statements, December 31, 2010 and 2009" (PDF). LG Chem, Ltd. p. 19. Retrieved 10 January 2015.
  20. ^ "GM Chooses LG Chem to Supply Chevy Volt's Lithium-ion Batteries and Will Build the Packs Themselves". GM-Volt.com. 12 January 2009. Archived from the original on 29 January 2019. Retrieved 20 May 2011.
  21. ^ "Ford Selects Compact Power as Lithium-Ion Battery Pack Supplier for Ford Focus Electric on Sale in 2011" (Press release). Ford Motor Company. 13 July 2010. Archived from the original on 29 April 2012. Retrieved 2 February 2012.
  22. ^ Taylor, Michael. "Critical Tesla EV Supplier LG Chem To Spin Off Battery Business". Forbes. Retrieved 28 September 2020.
  23. ^ "Visakhapatnam Gas Leak Live updates: At least 12 killed, 25 critical; CM Reddy announces Rs 1 crore each as relief to kin". The Indian Express. 7 May 2020. Retrieved 7 May 2020.
  24. ^ "Vizag gas leak live updates: Toll rises to 11, police file case against LG Polymers in Visakhapatnam". The Times of India. Retrieved 7 May 2020.
  25. ^ "Fire at LG Chem lab in Seosan kills 1, injures 2". Korea JoongAng Daily. 19 May 2020. Retrieved 11 November 2020.
  26. ^ "(2nd LD) Fire at LG Chem lab kills 1, injures 2". Yonhap News Agency. 19 May 2020. Retrieved 11 November 2020.
  27. ^ "Fire at LG Chem lab kills 1, injures 2". The Korea Herald. 19 May 2020. Retrieved 11 November 2020.

External links edit

  • Official website
  • Business data for LG Chem:
    • Bloomberg
    • Google
    • Reuters
    • Yahoo!
  • Business data for LG Chem Pref:
    • Bloomberg
    • Google
    • Reuters
    • Yahoo!

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