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Industry
LG Chem to work with Volkswagen on future car materials using ABS and EP
LG Chem said on Sept. 28 it signed an MOU with Volkswagen Group at LG Twin Towers in Seoul to develop and expand the use of next-generation and eco-friendly mobility materials. The companies will use LG Chem’s ABS and EP to pursue lighter vehicles and improved performance, and will also develop next-generation plastics and composite materials. They will share technology trends and market developments and cooperate on R&D, including feasibility reviews for applying specific materials.
Industry
Lotte Chemical posts 73.5 billion won Q1 operating profit, swings to profit
Lotte Chemical said on May 11 it posted first-quarter sales of 4.99 trillion won and an operating profit of 73.5 billion won, swinging to a profit from a year earlier. Net profit came to 33.5 billion won. The company said it improved profitability through more agile feedstock sourcing and flexible operating rate adjustments despite rising raw material prices and increased geopolitical risks in the Middle East.
Industry
Lotte Chemical steps up shift to profit-focused portfolio
Lotte Chemical unveiled a strategy to restructure its basic chemicals business and shift its portfolio toward four growth pillars, it said on Thursday. The company held a CEO Investor Meeting in Seoul on April 16 for major domestic institutional investors. It outlined progress at its Daesan and Yeosu petrochemical operations, with Daesan pursuing a merger with HD Hyundai Chemical and Yeosu awaiting government approval for its final restructuring plan.
