The Korea Times

LG Chem's US factory reopens

LG Chem’s battery plant in Holland, Mich.                                                                                                      / Courtesy of LG ChemBy Kim Yoo-chulLG Chem, the world’s top manufacturer of lithium-ion batteries, said Monday it will begin production of batteries for electric vehicles in its idle U.S. plant in Holland, Michigan from July.The company said the firm plans to start commercial production after running a pilot project and upon receiving customer approval. It aims to ship 6,000 battery packs to General Motors to be used in the latter’s Chevy Volt-branded electric vehicles from September.“LG Chem will resume the operation of one of our three battery lines at the plant. After a two-month trial production, we will ship finished goods to GM,” said Song Choong-sup, a spo

May 6, 2013By Kim Yoo-chul

Tech & Science

Otis to cater to Korean needs

Patrick Blethon, president, Pacific Asia area, Otis ElevatorRegional head vows to strengthen localization strategyBy Kim Yoo-chulOtis Elevator, the world’s leading elevator manufacturer, will expand its presence in Korea by increasing investment and sales, according to the head of the firm’s Asia Pacific region.In a recent interview with The Korea Times at its Seoul office, Patrick Blethon, president of its Pacific Asia area, said the firm will seek to pursue sustainable growth here by capitalizing on its highly-competitive maintenance portfolio and deeply-rooted localization strategies.“We are pushing Korea to the next step in terms of growth,” Blethon said. In 2012, Otis achieved 100,000 maintenance units, which he said is one of the biggest maintenance portfolios, globally.He said as elevators get older, maintenance and (technology) updating have become the industry’s new trend, making it possible to capture more revenue in the service business. Otis is leading the trend with an advanced call center and monitoring room for high-end elevators.Its Korea

May 6, 2013By Kim Yoo-chul

Tech & Science

All-star delegation to accompany President

Samsung Electronics Chairman Lee Kun-hee and his wife Hong Ra-hee, director of Leeum Samsung Museum of Art, enter the departure loungeof Gimpo International Airport to leave for the U.S., Saturday, as part of the Korean delegation accompanying President Park Geun-hye. Their son Lee Jay-yong, second from right, vice chairman of Samsung Electronics and Choi Gee-sung, head of Samsung’s corporate strategy office, follow behind the couple. YonhapBy Kim Yoo-chulPresident Park Geun-hye’s visit to the United States is aimed at showing her resolve to tackle any uncertainties related to North Korean threats and help leading Korean conglomerates convey their competitive advantages to U.S politicians and businessmen.Analysts and officials from South Korean industries say the visit has two main goals _ easing concerns about external risks for the Korean economy and informing the world Korean companies are worth investing in.Park is expected to engage in active “sales diplomacy” during her meetings with American businessmen.“There have been numerous media reports that

May 5, 2013By Kim Yoo-chul

Park's US tour to reset alliance, affect standing back home

Tech & Science

LG focuses on OLED business

LG Electronics' 55-inch curved OLED TVBy Kim Yoo-chulLG Display will expand its advanced display business by entering the small-sized organic light-emitting diode (OLED) market currently dominated by Samsung Display, according to LG officials Thursday.The expansion came as the display-making affiliate of LG Group has experienced falling profit margins in the liquid crystal display (LCD) market. The firm also aims to capitalize on brisk sales of LG Optimus smartphones manufactured by LG Electronics.According to LG officials and market analysts, LG Display plans to make new investments in developing the small-sized OLED display business to produce flexible OLED displays from the latter half of this year.``LG Display will produce an `unbreakable OLED display’ _ the first phase of flexible displays _ at our AP2 line of the 4.5th-generation plant in Paju, Gyeonggi Province. The move was aimed at taking a lead over rivals in the race for next-generation displays,’’ said company spokesman Frank Lee.The company plans to use the red-, green-, and blue (RGB)-based OLED techno

May 2, 2013By Kim Yoo-chul

Tech & Science

Samsung, LG - 2 different styles

By Kim Yoo-chulLee Jay-yong Koo Bon-joonSamsung Electronics and LG Electronics are different from each other in many ways — from corporate philosophy to product management.A recent visit by Larry Page, Google founder, confirms the difference extends to its top officials.Page met Lee Jay-yong, Samsung’s vice chairman and son of owner Lee Kun-hee. A photo released after their meeting showed Lee with his hand on Page’s shoulder, while another showed Lee, Page, Samsung Corporate Strategy Office head Choi Gee-sung and mobile division chief Shin Jong-kyun.In contrast, LG Electronics CEO Koo Bon-joon kept a low profile in his meeting with Page.“Larry Page invited Koo for a meeting while he stayed in Seoul last week. They discussed ways to improve their business partnership. The meeting lasted for more than an hour,” sources said.Of course, there is an age gap between Koo and Lee, but that can’t adequately explain their different styles. Both are touted as successors to the current company bosses.The different status of the firms may hold a clue.Samsu

May 1, 2013By Kim Yoo-chul

Tech & Science

DSME's 'Bow Pioneer' revived

Ko Jae-ho, right, CEO of Daewoo Shipbuilding and Marine Engineering (DSME), smiles with former Odfjell Chairman Bernt Daniel Odfjell, second from right, and DSME’s first CEO Hong In-ki, second from left, at DSME’s main shipyard in the provincial city of Okpo, Tuesday. / Courtesy of DSMEBy Kim Yoo-chulDaewoo Shipbuilding and Marine Engineering (DSME) said Tuesday the name Bow Pioneer, that of the first ship manufactured by the company, has been reused after 34 years for the same shipowner.The DSME said it held a ceremony Monday to name the 75,000 dead weight tons (DWT) vessel at its main shipyard in the local provincial city of Okpo. A shipowner in Norway ― Odfjell ― ordered the DSME to build the chemical tanker in 2010. DSME’s CEO Ko Jae-ho and top executives of Odfjell and family members attended the event. The ship was designed to deliver petrochemical products.The DSME said the Bow Pioneer has meaning beyond its name and is the symbol of a trusting bilateral corporate partnership. The bilateral partnership dates back to September 1979, the year the DSME

Apr 30, 2013By Kim Yoo-chul

Tech & Science

STX makes last-ditch efforts for survival

STX headquarters in central SeoulChairman Kang plans to offload overseas assets Kang Duk-sooSTX Group Chairman By Kim Yoo-chulSTX Group Chairman Kang Duk-soo is facing his biggest-ever crisis as the nation’s 13th largest conglomerate by assets is teetering on the brink of collapse due to an acute cash shortage caused by a prolonged downturn in the shipbuilding industry.In a last-ditch effort to save the group, the 63-year-old has decided to offload all of its overseas assets to address cash flow problems. Also, he decided to hand over his controlling stakes in STX Offshore & Shipbuilding, a key affiliate of the group."We will keep our three crucial affiliates ― STX Heavy, STX Engine and STX Offshore. The group plans to sell its shares in its overseas affiliates including our shipyards in France, Finland and Dalian in China,’’ said a spokesman for the group, Tuesday.The official said the restructuring was aimed at realigning its businesses to save the group by focusing on its main businesses. Kang’s decision to walk away from t

Apr 30, 2013By Kim Yoo-chul

STX makes last-ditch efforts for survival

Tech & Science

Samsung enjoys record Q1 profit

By Kim Yoo-chulSamsung Electronics said Friday its first-quarter operating profit jumped to a record high of 8.78 trillion won on the back of brisk sales of its flagship Galaxy S3 handsets.The world’s biggest technology firm by revenue posted operating profit of 8.78 trillion won ($7.9 billion) between January and March, up 54.3 percent from a year earlier. Its net profit also soared to 7.15 trillion won, compared with the previous year’s 5.05 trillion won.In revenue, the firm posted 52.87 trillion won during the period, beating its rivals Apple, Microsoft and Google, which recorded $43.6 billion $20.5 billion and $14 billion, respectively.The company said robust sales of Samsung Galaxy S3 smartphones and its Galaxy Note phablets drove the strong performance. Its IT and mobile communications division posted a record operating profit of 6.51 trillion won, accounting for some 70 percent of the total profit Samsung reported during the quarter.Samsung’s component division reported 15.81 trillion won as its first quarter revenue with 1.85 trillion won as operating profit

Apr 26, 2013By Kim Yoo-chul

Tech & Science

Samsung, Google seek partnership in OLED

Google co-founder and CEO Larry Page, center, smiles with Samsung’s top executives, including Samsung Vice Chairman Lee Jay-yong, fourth fromleft, Samsung Corporate Office Head Choi Gee-sung, right, and Samsung mobile chief Shin Jong-kyun, left, after they discussed partnership in theOLED business at Samsung’s main office in Gangnam, southern Seoul, Friday. YonhapBy Kim Yoo-chulSamsung Electronics Vice Chairman Lee Jay-yong said Friday that Google CEO Larry Page showed much interest in Samsung’s OLED business, hinting that the two companies may seek a partnership in that area.Google’s CEO, who visited Seoul to meet President Park Geun-hye, went to Samsung’s OLED factory in the provincial city of Tangjeong and had lunch with Lee and other Samsung executives prior to his meeting with Park.``During the meeting with the Google CEO, I proposed the expansion of our business partnership to him. Larry Page showed interest in our OLED business,’’ Lee told reporters after meeting with the delegation from Google at Samsung’s main office in Gangnam

Apr 26, 2013By Kim Yoo-chul

Samsung, Google seek partnership in OLED

Tech & Science

Kumho Petro to extend retirement age to 57

By Kim Yoo-chulPark Chan-kooKumho Petrochemical chairmanThe management and the labor union of Kumho Petrochemical Thursday agreed to extend the retirement age of employees to 57 from the current 56.In a statement, Thursday, the company said it will increase the retirement age in line with the government’s initiative to share the burden of early retirees.They also agreed to adopt a ``salary peak system’’ in keeping with the extension of the retirement age, according to company spokesman Chang Yun-seok. They also agreed to increase wages 3 percent.The new salary system will be applied to all employees, who are going to retire from this year.“It is a win-win outcome. Employees can enjoy job security, while management can lessen the wage burden and create new jobs,” the spokesman said.The company, headed by chairman Park Chan-koo, posted net profit of 78.3 bilion won in the first quarter, up 155 percent from a quarter ago.

Apr 25, 2013By Kim Yoo-chul

Kim Yoo-chul

Read more

LG Chem's US factory reopens

Otis to cater to Korean needs

All-star delegation to accompany President

LG focuses on OLED business

Samsung, LG - 2 different styles

DSME's 'Bow Pioneer' revived

STX makes last-ditch efforts for survival

Samsung enjoys record Q1 profit

Samsung, Google seek partnership in OLED

Kumho Petro to extend retirement age to 57

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