South Korea's LG Chem is planning some major investments globally to "switch [its] business portfolio for sustainable growth."
LG will spend $8.7 billion through 2025 to accelerate sustainable growth, with more than $5 billion going to lithium-ion batteries and the rest on "eco-friendly" materials.
For its batteries, LG Chem is reviewing potential M&As and joint ventures to support separator films made with materials such as polyethylene and polypropylene to "build a global production base as soon as possible," the company said in a July 14 announcement.
"The standard for measuring competitiveness in the business world should be based on sustainability for revenue and operating profits, and this should be reflected in all business processes, strategy and investment," CEO Hak Cheol Shin said in a news conference.
The company also will focus on developing "bio-balanced" materials in PE, PP, polycarbonate and other plastics, using plant-based biorenewable materials such as waste cooking oil.