LG Chem explained

LG Chem Ltd.
Former Name:
  • Lak Hui Chemical (1947–1966)
  • Lak Hui Chemical Industries (1966–1973)
  • Lucky Ltd. (1974–1995)
Type:Public
Traded As:
Location:Seoul, South Korea
Industry:Chemicals
Revenue: KRW 51.865 trillion (2022)[1]
Net Income: KRW 2.195 trillion (2022)
Owner:LG Corporation (33%)
Num Employees:20,000+ (2022)
Subsid:LG Energy Solution (81%)
Homepage:LG Chem

LG Chem Ltd. (Korean: LG화학), often referred to as LG Chemical, is the largest Korean chemical company 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).

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. 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

Current

LG Chem has three main business areas:

Petrochemicals

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

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

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

Former

Energy solutions

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. 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 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

Visakhapatnam gas leak

See main article: Visakhapatnam gas leak. 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 2:30am 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

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

Notes and References

  1. Web site: LG Chem Ltd . InsideView . January 10, 2015 . dead . https://archive.today/20130911174044/http://www.insideview.com/directory/lg-chem-ltd . September 11, 2013 .
  2. Web site: C&EN's Global Top 50 chemical firms for 2022 . Tullo . Alexander H. . July 24, 2022 . . . September 28, 2023 .
  3. News: Jung-a . Song . April 2, 2017 . LG Chem holds faith in China despite battery of obstacles . . April 3, 2017.
  4. Web site: LG Chem sues SK Innovation over allegedly stealing electric car battery trade secrets. Fred. Lambert. April 30, 2019. Electrek.
  5. News: Maxey . Kyle . January 31, 2014 . LG Chem to Supply ABS to Stratasys . Engineering.com . January 10, 2015.
  6. Web site: ABS/SAN . LG Chem . January 10, 2015 . https://web.archive.org/web/20150119034904/http://www.lgchem.com/global/abs/abs-san-acrylonitrile-styrene . January 19, 2015 . dead .
  7. Web site: PVC . LG Chem . January 10, 2015 . https://web.archive.org/web/20150118002307/http://www.lgchem.com/global/pvc/pvc-polyvinyl-chloride . January 18, 2015 . dead .
  8. News: . January 19, 2023 . LG Chem completes acquisition of AVEO Pharmaceuticals . . Seoul .
  9. Web site: LG Chem — Overseas Sites — Americas — Manufacturing Plants . LG Chem . January 10, 2015 . https://web.archive.org/web/20150111085259/http://www.lgchem.com/global/lg-chem-company/global-network/america-manufacturing-subsidiary#tab_overseas . January 11, 2015 . dead .
  10. Web site: LG Chem to establish new electrolyte production plant in Michigan. Green Car Congress. 2010-11-07. 2011-05-19.
  11. News: Behind the scenes at LG Chem's advanced battery plant in Holland: It's cleaner than clean . Jim . Harger . MLive . MLive Media Group . November 21, 2013 . January 10, 2015.
  12. News: Soyoung . Kim . LG Chem to supply GM Volt batteries — sources . . 2008-10-22 . 2009-08-11.
  13. Web site: BREAKING: LG Chem and Compact Power Inc. to Supply Volt Battery Packs . GM-Volt.com . 2008-10-22 . 2009-08-11 . 18 October 2019 . https://web.archive.org/web/20191018022944/https://gm-volt.com/2008/10/22/breaking-lg-chem-and-compact-power-inc-to-supply-volt-battery-packs/ . dead .
  14. Web site: Drew . Johnson . GM inks Chevrolet Volt battery contract . 2008-10-24 . . 2009-08-11 . 22 September 2018 . https://web.archive.org/web/20180922211641/https://www.leftlanenews.com/gm-inks-chevrolet-volt-battery-contract.html . dead .
  15. News: Compact Power, Inc. Wins Lithium-Ion Battery Development Program For General Motors Hybrid Electric Vehicles . Compact Power Inc press release . 2008-06-05 . 2008-06-08 . dead . https://web.archive.org/web/20080724083711/http://www.compactpower.com/Documents/cpi_gm_development_program.pdf . 2008-07-24 .
  16. News: Voelcker. John . Battery Czar . 32–37 . . August 2008 .
  17. Web site: LG Chem Wins GM Supplier of the Year Award. Electric Cars Report . 2011-03-17 . 2011-05-19.
  18. Web site: LG Chem — Overseas Sites — Americas — R&D Centers . LG Chem . January 10, 2015 . https://web.archive.org/web/20150111070729/http://www.lgchem.com/global/lg-chem-company/global-network/america-research-subsidiary#tab_overseas . January 11, 2015 . dead .
  19. Web site: Separate Financial Statements, December 31, 2010 and 2009 . LG Chem, Ltd. . 19 . January 10, 2015.
  20. Web site: GM Chooses LG Chem to Supply Chevy Volt's Lithium-ion Batteries and Will Build the Packs Themselves . January 12, 2009 . GM-Volt.com . 20 May 2011 . 29 January 2019 . https://web.archive.org/web/20190129181425/https://gm-volt.com/2009/01/12/its-official-gm-chooses-lg-chemcompact-power-inc-to-supply-chevy-volt-lithium-ion-battery-packs/ . dead .
  21. Ford Selects Compact Power as Lithium-Ion Battery Pack Supplier for Ford Focus Electric on Sale in 2011 . Ford Motor Company . 2010-07-13 . February 2, 2012 . dead . https://archive.today/20120721060841/http://media.ford.com/article_display.cfm?article_id=32959 . July 21, 2012 .
  22. Web site: Taylor. Michael. Critical Tesla EV Supplier LG Chem To Spin Off Battery Business. 2020-09-28. Forbes. en.
  23. Web site: Visakhapatnam Gas Leak Live updates: At least 12 killed, 25 critical; CM Reddy announces Rs 1 crore each as relief to kin. 2020-05-07. The Indian Express. en-US. 2020-05-07.
  24. Web site: Vizag gas leak live updates: Toll rises to 11, police file case against LG Polymers in Visakhapatnam. The Times of India. en. 2020-05-07.
  25. News: Fire at LG Chem lab in Seosan kills 1, injures 2 . 11 November 2020 . . 19 May 2020 . en.
  26. News: (2nd LD) Fire at LG Chem lab kills 1, injures 2 . 11 November 2020 . . 19 May 2020 . en.
  27. News: Fire at LG Chem lab kills 1, injures 2 . 11 November 2020 . . 19 May 2020 . en.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "LG Chem".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2024, A B Cryer, All Rights Reserved. Cookie policy.