Latest news with #LGGroup
Korea Herald
2 days ago
- Automotive
- Korea Herald
LG chief visits Indonesia battery plant to inspect group's EV transition efforts
LG Group Chairman Koo Kwang-mo has visited Indonesia this month to inspect the group's battery manufacturing and research operations, according to the group Monday, underscoring efforts to strengthen its competitiveness amid a temporary slowdown in global electric vehicle demand. According to group officials, Koo toured the production lines of Hyundai LG Indonesia Green Power, a joint venture between LG Energy Solution and Hyundai Motor Group, located near Jakarta, earlier this month. The 320,000 square-meter facility, with an annual capacity of 10 gigawatt-hours, is Indonesia's first EV battery cell plant and is a key pillar in LG's global battery production network. During the visit, Koo called on employees to focus on securing differentiated competitiveness for LG's batteries, particularly in comparison with global rivals, and emphasized the importance of close collaboration with partners to overcome the slowdown in global EV demand growth. As part of the visit, the LG chief also toured LG Electronics' production and research complex in Cibitung, West Java, where products such as TVs, monitors and signage systems are manufactured. Since establishing a local research unit next to the Cibitung plant in 2023, LG Electronics has built an integrated base that connects research, production and sales operations, using it as a base for targeting the broader Southeast Asian market. At LG Electronics' Jakarta sales office, Koo met with local executives to discuss customer needs, distribution trends and competitive dynamics in Southeast Asia. LG has been ramping up efforts to tap into growth opportunities in the so-called Global South that includes India, Indonesia, Latin America, the Middle East and Africa, seeking to ride the economic momentum in these emerging markets. (Yonhap)
Yahoo
5 days ago
- Automotive
- Yahoo
LG Display to expand production capacity in South Korea
LG Display Company, the digital display manufacturing unit of South Korea's LG Group, plans to invest KRW 700 billion (US$ 517 million) to expand its domestic organic light-emitting diode (OLED) production facilities, according to local reports. The new investment follows the sale of the company's 80% stake in its display panel and module plant in China's Guangzhou Province to China Star Optoelectronics Technology (CSOT) for KRW2.25 trillion. A spokesperson for LG Display confirmed that the company is looking to use part of the proceeds of the sale to either expand its existing OLED production facilities in Paju, in Gyeonggi Province just outside Seoul, or build an entirely new facility. Other proceeds from the Chinese plant sale will be used to strengthen LG Display's research and development (R&D) operations and to cover operational expenses, with the aim of strengthening the company's overall competitiveness in the global OLED market. The company was expected to sign a memorandum of understanding (MOU) with the Paju City government in July. LG Display showcased its latest OLED technologies last month at SID Display Week 2025 in San Jose, California, the world's largest display exhibition. Under the theme 'Display Technologies Shaping the Future,' the company unveiled its latest full OLED lineup - covering large and medium displays, and also automotive displays aimed at next-generation connected vehicles. "LG Display to expand production capacity in South Korea" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Korea Herald
29-04-2025
- Business
- Korea Herald
LG Chem in talks to sell off water solutions unit at W1tr
LG Chem, a leading chemical company under the South Korean tech conglomerate LG Group, has started talks to sell off its water solutions unit to secure cash flow amid the group's drive to streamline its businesses. LG Chem has reportedly selected Glenwood Private Equity as a preferred bidder to acquire its water solutions business, which specializes in manufacturing reverse osmosis membranes, owning the world's second-largest market share in the sector. The RO membranes desalinate seawater, and the recycled water is used for industrial purposes. The unit's valuation is expected to stand at around 1 trillion won ($695 million). In 2024, it posted 250 billion won in revenue, 65 billion won in earnings before interest, taxes, depreciation and amortization, or EBITDA. Glenwood is an alternative investment firm headquartered in Seoul with cumulative assets under management of $3 billion. The PE has developed a close relationship with LG Chem, having acquired its diagnostics business, now renamed Invitros, in 2023. 'Glenwood has made its name here by specializing in corporate carve-out deals,' an official from a local private equity company commented. A carve-out deal refers to a situation where a parent company sells its business unit to an outside investor, making the unit a separate entity. With the acquisition of the water solutions unit, the PE is expected to seek to boost synergy with its portfolio company Techcross Environmental Services. In 2024, Glenwood acquired the ballast water treatment system company, then-named HiEntech from Bubang Group. Before being acquired by Bubang Group, HiEntech was a sewage treatment operation owned by LG Electronics. LG Chem's water solutions unit was expected to be the chemical giant's key growth engine. In 2023, the company decided to invest 125 billion won in the RO membrane plant located in Cheongju, North Chungcheong Province, to double the water treatment business within five years. Industry officials assume LG Chem may be trying to streamline its business and secure liquidity amid a challenging business landscape. Last month, LG Chem Vice Chair and CEO Shin Hak-cheol pledged to accelerate growth in the company's three key sectors: advanced materials, life sciences and sustainability. 'Within the three major growth engines, we will set priorities and enhance competitiveness through strategic selection and focus,' Shin said at the general meeting of shareholders held on March 24. A few days after, LG Group Chairman Koo Kwang-mo shared a message on a similar note, urging the group's top executives to act with a "sense of urgency" and embrace change, similar to its conglomerate peer, SK Group's restructuring drive. "With a sense of urgency, we must break away from past inertia and the misalignment between strategy and execution,' Koo said at the conglomerate's first executive meeting of the year held on March 27. He also emphasized the importance of focus and prioritization, saying, 'The reality is that we cannot do all businesses well, which is why we must focus and prioritize.'
Korea Herald
23-04-2025
- Business
- Korea Herald
The Asia Group launches Seoul office, citing Korea's global strategic role
The Asia Group, a US-based strategic and investment advisory firm, launched a new office in Seoul this week to serve the growing number of high-potential clients with investment power in Korea. 'Establishing a strong on-the-ground presence in Seoul underscores TAG's long-term strategic commitment to the region,' said TAG Chairman and Co-Founder Kurt Campbell, who visited Seoul from Tuesday to Wednesday. 'South Korea's role as a global innovation leader and strategic player in Northeast Asia makes it indispensable to our clients' priorities. At a time of heightened geopolitical flux and shifting global supply chains, TAG's investment in South Korea enhances our ability to deliver timely, meaningful counsel and high-impact business solutions to companies navigating today's increasingly complex operating environment.' The advisory firm appointed Lim Byung-dae, a global corporate management specialist, as managing director to head the main office. Previously serving as executive vice president of LG Group's Corporate and Government Affairs office in Washington, Lim led US federal government affairs for seven LG operating companies and advised senior leadership on corporate strategy, government engagement and regulatory compliance, TAG said. Lim also brings extensive legal experience, having served as general counsel in Seoul for LG Innotek, LG Display and Pfizer Pharmaceutical Korea, and having practiced law at leading institutions such as Kim & Chang and IBM Korea. Lim joins the Seoul office alongside TAG Senior Vice President and Korea Country Director Kim Yoo-chul, and Associate Vice President John Lee. Kim is a seasoned former journalist and brings deep expertise at the intersection of business, media, and geopolitics, the firm added. The advisory group said it aims to provide premier expertise in delivering tailored strategies to help clients navigate Korea's dynamic market, as well as to support Korean firms operating in the increasingly complex US and global business environments. TAG's Seoul office joins its network of regional hubs, which includes locations in Hong Kong, Tokyo, Taipei, Shanghai, Hanoi, Bangkok, New Delhi, Mumbai, Singapore, Canberra, Melbourne and Sydney. Since its founding in Washington in 2013, TAG has grown to include over 150 professionals worldwide.
Korea Herald
21-04-2025
- Business
- Korea Herald
LG Display unveils in-house AI assistant to up productivity
LG Display said Monday it has become the first company in the display industry to internally develop and deploy an artificial intelligence assistant service tailored to enhance employee productivity. The AI assistant, designed to optimize individual workflow, provides features such as real-time translation during video conferences and automated meeting transcription, enabling employees to perform tasks more efficiently. In the first half of the year, the display maker plans to expand the AI assistant's capabilities to include email summarization and natural language-based data analysis. In the second half, the company aims to roll out advanced functions that will assist in drafting business presentation materials such as PowerPoint documents, further enhancing the tool's utility. According to LG Display, early implementation of the service has resulted in a roughly 10 percent increase in daily productivity. The company estimates that employees can manage their time more efficiently -- saving about 50 minutes within a standard 8-hour workday -- allowing them to focus on higher-value tasks. LG Display said it aims to increase overall work productivity by more than 30 percent within the next three years through continued upgrades and wider adoption of the AI assistant. The AI assistant has been integrated as a plug-in application into the company's existing internal intranet platform, Let's, allowing for seamless use without the need for infrastructure changes. LG Display has internalized a large language model, which serves as the brain of the AI, to fundamentally block the leakage of external information through its AI assistant service and to enhance security stability. The LLM is based on Exaone 3.5, developed in-house by LG AI Research, LG Group's AI think tank, and the development of the AI application was carried out in collaboration with the group's IT solutions unit LG CNS. 'With the introduction of a personal AI assistant, we've been able to significantly boost individual productivity by minimizing routine tasks,' said Lee Byung-seung, head of DX group at LG Display. 'We will continue to strengthen our AI transformation capabilities to deliver differentiated value to customers,' he added.
