LG Innotek aims to protect trade secrets of partner companies

LG Innotek CEO and President Jeong Cheol-dong, right, Korean Intellectual Property Office Commissioner Kim Yong-rae, center, and ORChem CEO Lee Jae-hyun hold signed agreements at LG Innotek's headquarters in LG Science Park, Seoul, Thursday. / Courtesy of LG Innotek

By Anna J. Park

LG Innotek, aiming to spearhead efforts to protect the trade secrets of partner companies, signed an agreement of cooperation with its partner companies and the Korean Intellectual Property Office (KIPO) at LG Science Park in Seoul, Thursday.

LG Innotek CEO Jeong Cheol-dong and KIPO Commissioner Kim Yong-rae signed the agreement with ORChem CEO Lee Jae-hyun, who represented LG Innotek's partner companies.

The agreement was prepared in June to spread a win-win culture between large conglomerates and their small partner companies by protecting trade secrets and technologies. It is the first time a conglomerate affiliate in the materials and components sector has signed such an agreement to safeguard the trade secrets of its small- and medium-sized partners.

With the signing, the materials arm of LG will establish comprehensive systems jointly with KIPO to fully protect the trade secrets of the conglomerate's contractors. They will also help through consultations, education and policy coordination.

The move came after claims that some Korean conglomerates allegedly exploit the trade secrets of their smaller partner businesses.

“Trade secrets of good local companies with excellent technologies in the materials and components sector ― which plays a key part in the economy ― should clearly be protected,” KIPO Commissioner Kim said. “The office hopes this agreement becomes a basis for Korean companies' improvement in global technological competitiveness by creating a healthier ecosystem for protecting trade secrets.”

CEO Jeong said LG Innotek will continue its efforts for joint growth with partner companies.

“LG Innotek has long been putting efforts into strengthening the competitiveness of partner companies in various realms of finance, management, technology and education,” Jeong said.