LG Chem Vice Chairman Shin Hak-cheol stressed the importance of merit-based R&D and the protection of corporate intellectual property at a regular shareholder’s meeting on Mar. 20.
“Economic uncertainties are expected to snowball as the coronavirus continues to spread,” Shin said. “But we won’t be deterred, nor try to avoid our responsibilities. On the contrary, we will work on enhancing our strengths to create more opportunities for adding value.”
Regarding future-looking technologies, the vice chairman said the company will focus on battery and car-making materials. He stressed that the company will continue to protect the intellectual property it has built over the past three decades.
Shin was the mastermind behind LG Chem’s decision to sue SK Innovation for infringing its technology. In the end, the international courts sided with the LG affiliate.
On this same day, LG Chem shareholders approved the appointment of LG Group Vice Chairman Kwon Young-soo to head its board of directors. With the move, Kwon will manage the boards of the group's four core affiliates including the three he is already heading – LG Uplus, LG Display and LG Electronics.
Kwon was previously the CEO of LG Display and LG Uplus, handled LG's battery business and was the finance chief at LG Electronics.
This year, LG Chem is targeting sales of KRW 35 trillion, with 15 trillion coming from its battery business. This would be around double the KRW 8.35 trillion of battery sales in 2019. To achieve the goal, the company will be investing KRW 3 trillion of CAPEX investment.
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