The leading chemical company LG Chem has signed a strategic partnership with one of the world’s largest diesel company Neste to expand its bio-based, eco-friendly businesses and markets. LG Chem will start producing eco-friendly synthetic resins from bio-materials.
- Neste is a leading company in the biodiesel field with its own proprietary process technology. 80% of this global companys operating profit is generated from biofuels and eco-friendly products.
- Through this agreement, both companies will be seeking opportunities to commercialize various products based on bio-materials and strengthen their competitiveness in the market, also sharing market intelligence on Asian, European and global markets, and actively cooperating in the product development for new uses.
In Oct 2020, LG Chem announced that it successfully developed a new biodegradable material that could realize mechanical properties equivalent to synthetic resins for the first time in the world. The new material that significantly improved flexibility (elongation) and transparency compared to existing biodegradable materials through proprietary technologies and production processes. The new material developed by LG Chem is the only material is a single biodegradable material with 100% bio contents using corn-based glucose and crude glycerol.
In July 2020, LG Chem announced that it held an MOU ceremony for the establishment of the LG Chem-SNU DX Industry-Academic Cooperation Center by partnering up with the SNU College of Digital Engineering to strengthen its capacities in DX. LG Chem and SNU plans to construct an industry-academic cooperation infrastructure for DX and search for various DX projects, while also collaborating to reinforce its digital competitiveness by fostering outstanding human resources who will lead digital innovation, etc.
In Dec 2019, LG Chem announced a joint venture for electric vehicle (EV) batteries with General Motors (General Motors), Americas top automaker to pioneer the US EV market. This will be a 50:50 joint venture with each company investing one trillion KRW each, and a total of 2.7 trillion KRW will be invested by 2024 to procure production capacities upwards of 30GWh.
About LG Chem
LG Chemical, headquartered in Seoul, South Korea, is one of the prominent chemical company. The company has a vertically integrated system from the basic raw materials such as ethylene and propylene to the downstream products such as PE, ABS and synthetic rubber. L G Chems portfolio includes Petrochemicals, Energy Solutions, Advanced Materials, and Life Sciences products.
About LG Electronics
LG Electronics, is a global innovator in technology and manufacturing with operations in more than 140 locations around the world. The company has a workforce of approximately 70,000 around the world. LG is comprised of five companies: Home Appliance & Air Solutions, Home Entertainment, Mobile Communications, Vehicle Components, and Business-to-Business. The company is the worlds leading producer of TVs, washing machines, refrigerators, air conditioners, and mobile devices in addition to premium LG signature products and ThinQ featuring artificial intelligence.