The Korea Times

LG starts mass producing 'engineered stone' in Georgia

An LG Hausys employee work in the company's 'engineered stone' production line in Georgia, in this photo provided, Tuesday. / Courtesy of LG HausysBy Kim Yoo-chulLG Hausys, LG Group's industrial materials affiliate, said Tuesday it has started mass producing “engineered stone” at a newly-completed manufacturing line at its plant in Georgia, the United States.“LG Hausys started mass producing engineered stone from the third manufacturing line at our Georgia plant. The operation will help us expand total annual output to 1.05 million square meters, up 50 percent from our current available capacity,” the company said in a statement.Engineered stone is a composite material made of crushed stone bound together by an adhesive, most commonly polymer resin with some newer versions using cement mix. Other products include engineered quartz, polymer concrete and engineered marble. Engineered marble is mostly commonly used for indoor flooring and walls, while quartz-based products are used primarily for kitchen countertops in place of laminates or granite.A company spoke

Mar 17, 2020By Kim Yoo-chul

LG starts mass producing 'engineered stone' in Georgia

Tech & Science

Companies see limited Olympics' impact

A woman wearing a protective face mask walks past a sign promoting the upcoming Tokyo Olympics at a bus stop in Bangkok, Thailand, Monday. EPA-YonhapBy Kim Yoo-chulConglomerates here have lowered their expectations over possible marketing benefits from the Tokyo Olympics as the coronavirus outbreak has now gone worldwide, leading to the possibility of a postponement of the Games.Samsung, LG, and SK technology affiliates as well as Hyundai Motor Group, the country's leading exporters, have long used major sporting events such as the Olympics and World Cup to boost the sales of their latest gadgets, leading to increased profits.But the rapid, alarming spread of the coronavirus around the globe, has unsettled the stock market and caused huge operational disruptions in almost every industry spanning from consumer electronics to retail and travel. How long the virus will last is uncertain and the chances are very low that countries would be willing to send large squads of athletes to Japan for a month.As of March 15, the number of the coronavirus infections reported in Japan topped 1,500.

Mar 16, 2020By Kim Yoo-chul

IOC set for crisis talks as fears grow for Tokyo Olympics

Tech & Science

Committee asks Samsung's Lee to apologize over faults

Samsung Electronics Vice Chairman Lee Jae-yong, right, walks with Kim Ki-nam, center, CEO of the company's Device Solutions division, and other executives during their visit to its chip plant in Onyang, South Chungcheong Province, Aug. 6, 2019. Samsung's compliance committee said Thursday Lee should apologize to the people for raising a series of problems regarding the group's management succession. / Courtesy of Samsung ElectronicsBy Kim Yoo-chulSamsung Group leader and Samsung Electronics vice chairman Lee Jae-yong has been asked to issue a public apology over both alleged and confirmed illegal activities surrounding the group's succession plan, the company-organized compliance committee said, Wednesday.“Samsung's compliance committee sent recommendations to seven Samsung affiliates including Samsung Electronics, Samsung SDI and Samsung SDS, in addition to Samsung Vice Chairman Lee Jae-yong. Some core recommendations included asking Samsung vice chairman Lee to make his public apology over past events relating to the group's succession plan,” the committee leader Kim Ji

Mar 11, 2020By Kim Yoo-chul

Committee asks Samsung's Lee to apologize over faults

Companies

Coronavirus forces LG Chem to delay battery spin-off

This photo provided by General Motors shows GM's all-new modular platform and battery system, Ultium, at the Design Dome on the GM Tech Center campus in Warren, Mich., Mar. 4. The company touted an exclusive new battery technology that could propel some of the vehicles as far as 400 miles (644 kilometers) on a single charge, AP-YonhapBy Kim Yoo-chulAs the number of coronavirus infections continues to climb upward in South Korea and other major economies, the world's top-tier battery producer LG Chem was considering holding off separating its key battery division, the company said, Monday.“Given growing hurdles and uncertainties surrounding the company, LG Chem has decided holding off on separating the company's battery business division,” an official familiar with the issue said.While the coronavirus is impacting various aspects of its business, the company's longer-term growth opportunities would be real. It was unknown whether or not the latest decision was the result of its consultations with clients.LG's battery business is considered the entire group's very promising

Mar 9, 2020By Kim Yoo-chul

Coronavirus forces LG Chem to delay battery spin-off

Tech & Science

Samsung SDS eyeing European financial market

Samsung SDS Europe President Im Jong-cheel, center, shakes hands with Credorax Chief Technology Officer Moshe Selfin, accompanied by Credorax CEO Igal Rotem, after the two companies signed an agreement to develop Credorax's distributed ledger-based account reconciliation platform through the integration of Samsung SDS' in-house robotic process automation platform, Wednesday. Courtesy of Samsung SDSBy Kim Yoo-chulSamsung SDS, the information technology systems unit of Samsung, is eyeing the European financial market after signing an agreement with an Israel-based fintech and mobile payments firm, Wednesday.In a statement, Samsung SDS Europe (SDSE) said it had signed a non-binding memorandum of understanding (MOU) with Israel-based smart payments provider and fintech bank Credorax, under which the two sides will develop Credorax's automated ledger-based account reconciliation platform.The statement said the MOU marks a clear intention to collaborate on and use Samsung SDS's in-house Robotic Process Automation (RPA), Brity Works, for Credax's financial services. Samsung SDS said the agr

Mar 4, 2020By Kim Yoo-chul

Companies

LS Cable wins submarine cable contract

Employees of LS C&S inspect submarine cables produced at its plant in Donghae, Gangwon Province, in this photo provided by the company, Tuesday. Courtesy of LS C&SBy Kim Yoo-chulLS Cable & Systems, a leading South Korean cable manufacturer, has signed a contract with a Saudi Arabian company to produce submarine cable connecting a 25 kilometer stretch of Bahrain's tourist islands.In a statement, LS C&S said the monetary value of the deal is $85 million. As it is a “turnkey” deal, LS C&S will handle all necessary procedures from manufacturing through to maintenance of the cabling.The submarine cables will connect the main Bahrain Island and the Hawar Islands to the Southeast of the main island. Al Gihaz, a Saudi Arabian EPC company, has chosen the South Korean company as the project manager. “LS C&S will take charge of the submarine portion of the connection on a turn-key basis from product supply to electric works and installation works, and the project is scheduled to be completed in September 2021,” the statement said. This project is

Mar 3, 2020By Kim Yoo-chul

Tech & Science

Samsung aims for social impact with CSR programs

In this April 30, 2019 file photo, an employee walks past a Samsung Electronics logo at its office in Seoul. AP-YonhapBy Kim Yoo-chulSamsung is aiming to achieve a positive impact on society while strengthening its education-focused corporate social responsibility (CSR) programs.The European Commission has previously defined CSR as “the responsibility of enterprises for their impacts on society.”Samsung's de-facto leader and vice chairman Lee Jae-yong has emphasized the corporation's CSR strategy as an important competitive asset, and one that should be taken seriously by the firm. According to Samsung officials, this translates as having the policies and procedures in place to integrate social and consumer concerns with the company's operations and core strategies ― formed in close collaboration with both stakeholders and society. Samsung Electronics, the group's core business unit on all aspects, recently announced “Go Together for the Future! Enabling People!” as its revamped CSR vision. Under the new initiative, Samsung Electronics is expanding programs se

Feb 28, 2020By Kim Yoo-chul

Samsung aims for social impact with CSR programs

Trends

Amorepacific raises $130 mil. for liquidity

By Kim Yoo-chulSouth Korean beauty and cosmetics conglomerate Amorepacific said Wednesday it has raised 160 billion won or some $130 million by selling a building located in the affluent Gangnam district.In a filing to the Korea Exchange (KRX), the country's main bourse operator, the cosmetics giant said it has agreed  to sell its building, named Sungam Building, to Hanyang Construction for 160 billion won. The filing said Amorepacific will take the payment on April 29.Established in 1985, the building has served as a main base for the group and its affiliates. However, the building has been commercially leased since the completion of a new headquarters in Yongsan, downtown Seoul, a few years ago.Initially the value of the building was estimated at 120 billion won. But continued real estate surges in Gangnam forced the local construction operator to pay more for the building.“The sale of the building is aimed at improving the group's financial soundness and increasing liquidity,” the cosmetics giant said in a statement. As of the third quarter of last year, Amorepaci

Feb 26, 2020By Kim Yoo-chul

Tech & Science

After US ruling, LG wins battery contract with Lucid

LG Chem employees holding rigid-type battery packs at its battery manufacturing line in Ochang, South Korea, Tuesday. Courtesy of LG ChemBy Kim Yoo-chulJust a few weeks after a U.S. International Trade Commission panel ruled in favor of LG Chem, which had accused its cross-town rival SK Innovation (SKI) of stealing trade secrets, the LG Group's battery affiliate said Tuesday it has won a new battery contract with Lucid Motors.In a statement, LG Chem said it will supply its batteries to the electric car startup until at least 2023. The statement also said the supply contract was exclusive to LG.  Lucid is making moves in the global electric vehicle market chasing the success of Tesla. Along with Japan's Panasonic, LG Chem is also Tesla's top-tier battery supplier.Regarding the estimated monetary value of the newly-signed contract, LG Chem spokesman C.S. Song said the two companies agreed not to unveil the specifics of the deal. With the procurement of LG Chem-manufactured cells, Lucid plans to test the stability of its standard versions of the Air sedan. Whether or not the v

Feb 25, 2020By Kim Yoo-chul

After US ruling, LG wins battery contract with Lucid

Tech & Science

LG Electronics shuts down research center

An employee from a disinfection service company sanitizes the floor of a traditional market in Seoul, Monday. Reuters-YonhapBy Kim Yoo-chulThe deadly coronavirus is affecting research at LG Electronics, with the country's No. 2 consumer electronics company temporarily shutting down its research and development (R&D) center in Incheon, Gyeonggi Province, Monday.LG Electronics reported that a family member of one of its employees at its research center tested positive for the coronavirus.“LG Electronics decided to close the R&D building in Incheon from Monday until Feb. 25 after a family member of a company employee tested positive for the coronavirus. After the closure, necessary sanitization work was undertaken. Other LG employees who worked at the same building as the affected employee were forced to go home,” LG Electronics said.Despite the shutdown, LG assured operations will continue at its other facilities. “The R&D building was planning to restart operations Tuesday afternoon.”“The decision is in line with LG Electronics' strengthened p

Feb 24, 2020By Kim Yoo-chul

Kim Yoo-chul

Read more

LG starts mass producing 'engineered stone' in Georgia

Companies see limited Olympics' impact

Committee asks Samsung's Lee to apologize over faults

Coronavirus forces LG Chem to delay battery spin-off

Samsung SDS eyeing European financial market

LS Cable wins submarine cable contract

Samsung aims for social impact with CSR programs

Amorepacific raises $130 mil. for liquidity

After US ruling, LG wins battery contract with Lucid

LG Electronics shuts down research center

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