LG Chem ranked 10th in the Global chemical company list for the first time as a South Korean company and entered the Global TOP10.
According to the ‘2017 Global TOP 50’, which is a comprehensive analysis of recent sales, operating profit, and growth rate of the professional magazine C&EN (Chemical & Engineering News) published by the American Chemical Society, LG Chem ranked 10th, up two ranks from last year.
Among Asian companies, it ranks 4th behind China’s Sinopec (3rd), Taiwan’s Formosa Plastics (6th) and Japan’s Mitsubishi Chemical (9th).
“With the growth of the battery business and other business sectors, we are expanding our R&D workforce from 800 to 6300 by the end of 2020. In all new business areas, including materials and biotechnology businesses, we are actively expanding our business by holding an ‘Innovation Contest’ for world scholars and offering them $150,000 dollars in prize money. Furthermore, with the establishment of a joint venture with China’s Huayou Cobalt, we are actively investing in securing supply of cathode materials for electric car batteries,” said C&EN to LG Chem.
Meanwhile, other South Korean companies were also found in the ‘Global Top 50’ such as Lotte Chemical (22nd), SK Innovation (38th), and Hanwha Chemical (49th).
Lotte Chemical rose two ranks from last year to 22nd this year. SK Innovation also rose six ranks, but Hanwha Chemical dropped six ranks, ranking 49th overall.
On the other hand, German company BASF ranked 1st in the Global Chemical Companies; DowDupont (US), Sinopec (China), SABAIC (Saudi Arabia), and Ineos (UK) were ranked second to fifth respectively.
