27 September 2010 09:00 [Source: ICIS news]
The company received the award for outstanding financial performance in an analysis that looked at the financial strength and the year-to-year performance of the top 100 chemical companies in 2009.
“Congratulations to LG Chem for an outstanding financial performance in 2009 - a difficult year in which most companies struggled with the impact of the global economic crisis,” said Joseph Chang, Global Editor of ICIS Chemical Business. “We commend CEO Peter Bahnsuk Kim and his team for their superb efforts.”
In 2009, LG Chem registered an 8% increase in group sales in local currency, a 45% increase in operating profits and a 51% jump in net income for the year at a time when so many other firms experienced the worst of the slump.
LG Chem attributed the results to outstanding individual business performance, as well as favourable external market factors - the weak Korean currency, the impact on petrochemicals of more stable oil prices and
“This award marks a symbolic achievement for LG Chem,” said LG Chem CEO and vice chairman Peter Bahnsuk Kim.
“LG Chem’s significant outperformance results from its tireless efforts to create innovation and introduce a new culture of change to the organization, while improving global competitiveness as well.”
He added that LG Chem’s “success DNA” will help its business grow further as a leading global company, focusing not only on the petrochemical and information and electronic materials businesses, but also on new businesses such as advanced batteries for electric vehicles.
See the ICIS Company of the Year article in ICIS Chemical Business.
The ICIS Top 100 Chemical Companies table was compiled by Lara McNamee and the ICIS data & analytics team led by Paul Ray.
A PDF of the ICIS Top 100 Chemical Companies is available for download.
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