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Korea Herald
28-04-2025
- Business
- Korea Herald
LG Chem mulls selling water solutions unit amid prolonged petrochemical slump
LG Chem Ltd. is moving to sell its water solutions division, which produces reverse osmosis membrane filters used for industrial desalination, industry sources said Monday. According to the sources, the company has reportedly selected Glenwood Private Equity as the preferred bidder and is in negotiations over the deal. The division generates approximately 200 billion won ($138.6 million) in annual sales, and the sale price is expected to reach around 1 trillion won. LG Chem entered the RO membrane market after acquiring US-based NanoH2O in 2014 and has built production facilities at its Cheongju plant. It currently ranks second globally in market share after Japan's Toray. Although LG Chem had announced plans to double the size of the business within five years following the expansion of the Cheongju plant in 2023, it has shifted its focus toward strengthening its financial position amid a prolonged slump in its core petrochemical sector. The petrochemical industry has been grappling with a prolonged downturn driven by a supply glut from China and increasing uncertainties fueled by US trade tariffs. The company said no decision has been made regarding ongoing discussions. (Yonhap)
Bloomberg
20-03-2025
- Business
- Bloomberg
South Korean Plastics Giants Struggle as China Becomes a Rival
South Korean chemicals companies are racing to tap new markets after racking up hundreds of millions of dollars in losses in the face of a deluge of capacity from China, their biggest market. Reliant on exports, firms including LG Chem Ltd. and Lotte Chemical Corp. are feeling the pinch as new plants in Asia's biggest economy exacerbate a global glut and squeeze margins. And it looks like more pain is set to come for the Korean petrochemicals sector, which saw exports drop more than 15% in 2023 before rebounding modestly last year.
Korea Herald
17-03-2025
- Business
- Korea Herald
LG Chem posts over W1tr in accumulated diabetes drug sales
LG Chem Ltd., South Korea's leading chemical company, said Monday the accumulated sales of its own diabetes drug have exceeded 1 trillion won ($688 million) in the domestic market. LG Chem sold a cumulative 1.066 trillion won worth of the Zemiglo diabetes lineup, composed of Zemiglo, Zemimet, Zemidapa and Zemiro, in South Korea for 11 years through December 2024, the company said in a press release. The company has invested 150 billion won in developing the diabetes drug lineup since 2003. It domestically launched Zemiglo in December 2012, it said. Zemiglo was the country's first diabetes drug developed by a local company. In 2024, sales of the Zemiglo lineup came to 153 billion won, up 7.3 percent from 144.5 billion won a year earlier, according to market research firm Ubist. "Separately from domestic sales, LG Chem exports about $20 billion worth of the diabetes drugs annually to countries in Southeast Asia and Latin America," a company spokesperson said. (Yonhap)
