LG Chem Ltd. will spend 10 trillion won ($8.7 billion) through 2025 to accelerate a “sustainable growth” in its battery materials operations and other business lines, joining other South Korean industrial giants in a shift toward greener practices.
The petrochemical producer will make a 6 trillion-won investment in expanding production lines of its battery materials, including cathode and separators, while 3 trillion won will go into producing eco-friendly petrochemical products, according to a statement on Wednesday. The rest of the investment will be used in LG’s life science operations.
“This is by far the most innovative change the company is making since its establishment, which will further lift value and sustainability,” Chief Executive Officer Shin Hak Cheol said in a statement before a briefing in Seoul. “We’ll be able to see tangible results from the second half of this year.”
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