LG Chairman Koo Kwang-mo.

Under the stewardship of LG Chairman Koo Kwang-mo, the group is stepping on the gas to the nurturing of future businesses with a strategy of “choice and concentration.” It is Koo’s 3rd year in office.

All subsidiaries of LG Group are seeking to transform themselves to create new future growth engines while strengthening new business foundations. LG Electronics plans to turn up the intensity in R&D and investments in areas such as AI, big data, electronic parts and devices, robots and other future growth engines businesses.

In particular, LG Electronics plans to expand the global sales turf of premium product lineups, such as “LG Signature,” which has already established itself as a premium brand in the global market.

Putting 8K TV models front and center, which have received an “8K UHD (ultra-high definition)” certification from the American Consumer Technology Association, LG Electronics’ TV business plans to focus on premium markets with OLED ultra-high definition TVs.

Many spectators are thrilled to see LG “LG Signature 8K OLED TV, which was showcased at CES 2020 in Las Vegas. The TV set won a triple crown of innovation prizes from the American Consumer Technology Association. (Photos: LG)

It plans to innovative designed TV models such “rollable” and “wallpaper” by making the most of the strengths of OLED TVs.

Under the stewardship of Vice Chairman Shin Hak-cheol, the first outside CEO in the company’s history, LG Chem plans to ramp up sustainable profitability and business portfolio with the top three pillars – petrochemical, batteries and advanced materials.

After taking office, the vice chairman ordered the restructuring of businesses: inaugurating the advanced material business by merging the conventional IT-E material businesses. LG Chem aims to nurture the future advanced materials business as a growth engine, along with petrochemical and battery businesses.

LG Chem is shifting the conventional mode of humanity harmony, the group’s foundational tenet into an offensive one. Upon finishing structural reform, LG Chem has been getting nimbler by grabbing deals to set up EV battery joint venture with Geely Auto, China’s biggest automaker, and U.S. No. 1 automaker General Motors.

The company has gone as far as to stage a lawsuit against SK Innovation over technology leakages.

Vice Chairman Shin has declared the year 2020 as a year of execution, saying that a focus was attaching on making ideas for last year. In his New Year’s message on Jan. 2, he stressed four core management tasks.

Vice Chairman Shin unveiled a vision of rising to global top five chemical company by logging 99 trillion won in sales by 2024.

He called for accelerating performance-oriented R&D innovation in connection related to business portfolio.
He stressed the need to focus on enhancing the satisfaction of markets and customers in the fast-growing battery materials and auto materials through the development of future tasks and shoring up base technologies.

He emphasized the execution of future growth engines.

LG Uplus plans to expedite growth momentum with a focus on “5G service 3.0,” which will make its debut anew soon.

LG Uplus Teams Up with Google in VR Content

LG Uplus has joined forces with Google to produce virtual reality (VR) content.

The telecom service provider plans to provide the super-fast service for smartphones from March via its 5G network.

LG and Google struck an agreement to co-produce VR content and distribute it via its own VR content platform app, scheduled to be launched soon, at CES 2020 held in Las Vegas.

The latest partnership involves the expansion into the AR sector under the previous partnership in which the two companies joined forces in co-producing and investing VR content.

LG Uplus and Google will create an AR content fund to expedite collaboration in the AR content sector.