LG Chem CEO Shin Hak-cheol, first row center, takes a look at its partner company's product. The company said Thursday that it has been ramping up its support measures for partner companies for mutual growth. Courtesy of LG Chem

LG Chem is ramping up its support measures for partner companies by engaging in various activities ranging from reducing customers' logistics costs to creating new businesses to tackle the recent economic downturn and seek mutual growth, the company said Thursday.

"The growth of our customers is the growth of LG Chem, which is why we are expanding our support for customers through various businesses to pursue mutual growth," the company said.

The company established a dedicated organization to help its partner companies. In particular, the company has been implementing customer pain point management (CPPM) activities, proactively finding and improving inconveniences that customers may not be aware of, and sharing excellent support cases with its employees every month.

As a major cost reduction case, the company cited a case in which it helped its partner reduce energy costs.

One of the company's customers doing business in automobile manufacturing faced increased thermal energy costs in the paint process due to the recent rise in energy prices. This required a reduction in the temperature of the paint process and the adhesives and sealers needed to cure at temperatures lower than 180-200 degrees. LG Chem solved the issue by developing adhesives and sealers that harden well at low temperatures.

"We are touched by LG Chem's active efforts to reduce energy costs and carbon emissions during these difficult times," its customer company said. "We expect LG Chem's differentiated material development to improve not only profitability but also market share."

LG Chem also highlighted a case where it secured cost competitiveness by reducing customers' logistics costs.

The company said it assisted its customer company with the idea of changing the single-layer loading method to a double-layer method, thereby doubling the transportation volume per shipment.

LG Chem also helped customers in developing new products, aiding them to expand into new businesses.

"One customer, a manufacturer of packaging films, was facing difficulties in entering the market for home appliance packaging materials due to a lack of related business experience. LG Chem helped this customer enter the home appliance packaging material market by providing its own know-how and analysis data," LG Chem said.

Furthermore, since 2021, LG Chem has been holding the Customer Value Award for its employees, discovering cases that impress customers every month. The Customer Value Award system, with a total prize of about 100 million won ($72,633), awards monthly and yearly prizes to recognize individuals or teams that significantly helped its partner companies. (Advertorial)