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LG Chem Hosts Global Innovation Contest 2018 (GIC 2018) “Finding Innovations to Change the World”

LG
Chem (KRX: 051910) is exploring innovative technologies that will
change the world.

LG Chem announced that it would hold a Global
Innovation Contest (GIC) for leading universities and research
institutions around the world.

This is the first time that a Korean chemical company is conducting
technology contests for the entire world.

From June 18th to September 30th, 2018, LG Chem
will accept innovative technology ideas in five promising business
areas: Energy, Environment, Functional materials, Bio technology and
Platform technology.

Global scholars and researchers who are interested in developing the
next generation’s innovative technology and industry-academia
collaboration research are welcomed to participate and submit the
technical proposal through the official website (www.rnd.lgchem.com/global/gic).

LG Chem will select internal experts and selection committees to
evaluate the proposals considering technology innovation, marketability,
and price competitiveness. Selected assignments will be notified
individually to applicants in December.

LG Chem plans to provide research and development expenses of up to
$150,000 to universities and research institutes that are selected as
final projects, and to provide opportunities for manpower and technology
exchange through dispatching researchers for at least one year.

In addition, LG Chem will hold regular technical seminars and
conferences for the winners of the Global Innovation Contest to
establish and maintain a network to attract the talented in R&D.

President Jin-Nyoung Yoo, CTO said that “the Global Innovation Contest
has great significance for us to develop innovation technology at the
research and development stage into mass production technology through
collaboration between companies and academia.”

“We will continue to pursue open innovation, and we will link it with
the start-up of technology-based public offerings,” he added.

Meanwhile, LG
Chem plans to implement the largest R&D expenditure of 1.1 trillion
KRW this year and to increase its investment by more than 10% each year.
R&D manpower is also expected to increase from 5,500 in 2018 to 6,300 by
2020.

View source version on businesswire.com: https://www.businesswire.com/news/home/20180618005440/en/