LG Chem to increase production capacity in bio business, aiming to increase sales this year (South Korea)

According to the Financial Supervisory Service of Korea, the average operating rate of the life science division of LG Chem, a major chemical company, was 69.2% last year. This is the first time in the past six years that it has fallen to 60%.
A person involved explained that this is due to "improvements in the yield and productivity of major bioproducts such as vaccines and fertility treatment drugs, and an expansion of production capacity in a short period of time."
The division's production capacity last year was 1.2725 trillion won (approximately 143.0102 billion yen), an increase of approximately 26% from the previous year.
The division began expanding its production facilities in 2017 when LG Chem acquired LG Life Sciences. Its production capacity increased by 668.7 billion won (US$751.52 billion) from four years ago.
) has nearly doubled. Due to the increase in production capacity, this division recorded the highest growth rate among the company's three major businesses: battery raw materials, eco-friendly products, and bio-friendly products. In particular, the ratio of in-house developed products in this division
LG Chem's expansion of production capacity is aimed at ensuring a stable supply of its main products, such as growth hormones and diabetes treatments, in response to growing market demand due to increased sales.
This can be interpreted as an attempt to secure wages. The division aims to achieve sales of 1.3 trillion won (approximately 146.1 billion yen) this year.
The company's sales target for the digital business division is 100 billion won (approximately 11.23852 billion yen), which is expected to contribute significantly to the growth of the division.