SEOUL, Jan. 2 (Yonhap) -- LG Chem Ltd., South Korea's top chemicals firm, will focus on the energy and bio sectors this year as part of an effort to diversify its business portfolio and secure new growth engines, its head said Monday.
In a New Year message to its employees, Park Jin-soo, vice chairman of LG Chem, said the company will also put more emphasis on helping those segments in a slump turn around this year, while maintaining its efforts to find new revenue sources.
In September of last year, LG Chem said it would merge with its biotech unit, LG Life Sciences Ltd., in a bid to diversify its business portfolio.
Last year, LG Chem also took over local pesticides and fertilizer maker Dongbu Farm Hannong for 425 billion won (US$352 million).
The takeover push comes as LG Chem faces a growing challenge from Chinese rivals in its flagship chemicals and electric car battery businesses.
Dongbu Farm Hannong is the No. 1 crop protection and the top seed producer in the country, with shares of 27 percent and 19 percent, respectively.
LG Chem said earlier it will spend 300 billion won to 500 billion won every year on research and development to foster the biotech segment.
1st clinical trials for COVID-19 vaccine in S. Korea to kick off
(News Focus) One month into eased social distancing, S. Korea wrestles with cluster infections, cases with unknown routes
(4th LD) Virus fight still dogged by cluster infections ahead of further school reopenings
(2nd LD) Virus fight still dogged by cluster infections ahead of further school reopenings
(5th LD) S. Korea to legislate ban on anti-Pyongyang leaflet campaign after N.K. threats