In 1945, Korea gained independence from Imperial Japan’s colonial rule.
Yonam, who had been running a business in Jinju, renewed his mind for a new departure
toward the new era and relocated his business to Busan, South Korea.
In Busan, Yonam founded Chosun Heungup Company, which was the first trading company
licensed by the US military government, and expanded his business.
It was the beginning of a new horizon in Korea’s petrochemical history.
Lucky Chemical Co., Ltd., which opened a new horizon for industrial modernization,
jumped into the plastic industry for the first time in Korea, aiming to produce an unbreakable lid for
cosmetics containers. The decision was made in 1952 when Korean War was at its height,
which was impossible without a will of iron and unyielding corporate spirit.
The company developed the country’s first ever toothpaste, Lucky Toothpaste, in 1954,
and after the establishment of Lucky Oil and Fat Co., Ltd. in 1959, took care of peoples’ hygiene through the
full-fledged production of soaps and glycerine.
Yonam’s corporate spirit, which says that one has to make products that are essential in people’s lives,
was showing its full effect, as Lucky Chemical Co., Ltd. improved people’s living standard by
manufacturing plastic products such as combs, soap cases, toothbrushes, dishes, etc.
1960s were a politically and socially turbulent era.
Korea had risen to a developing country by diligently strengthening its foundation of growth along
with the full-scale implementation of the Korean government's Economic Development Plans.
At the same time, Lucky Chemical Co., Ltd. was also establishing its foundation
for a large conglomerate.
Lucky Vinyl Co., Ltd., established in 1959 by Lucky Chemical Co., Ltd.
for the oil and fat business, produced Korea’s first synthetic detergent “Hi Ti” in 1964 and
liquid kitchen detergent “A-pong” and liquid hair detergent “Cream Shampoo” in 1967.
With the production of these products, Korea’s chemical industry moved up one level higher.
In the midst of 1970s’ economic difficulties, Lucky grew to become a giant in the financial circle with
its substantial business management achieving an exponential growth along with the
recovery of the country’s economy.
After two global oil crises and amid domestic political instability, the founder Koo In-hwoi suddenly
passed away on December 31, 1969, and Lucky entered 1970s with the inauguration of
Koo Cha-kyung, the second chairman of the company.
The new chairman Koo Cha-kyung proclaimed, “1970s is a Lucky’s turning point toward globalization,
and the company will push forward substantial and stable growth as well as globalization as
its major policies.”
The company opened a new chapter in its history by carrying out an IPO and showed its maturity
as the people’s company by returning corporate profit to the society after establishing
the educational foundation Yonam Academy and initiating social contribution activities.
Stepping into the era of international competition, Lucky made its name known
throughout the globe by focusing on development of cutting-edge technologies.
This was a period when the company expanded its business areas by establishing
long-term plans based on 1970s’ exponential growth and started to grow into an
international company by entering the world market leveraging the accumulated capital
After 1983, with its core petrochemical business at the center, Lucky moved ahead
with intensified development of its existing fields such as daily products and
fine chemistry as well as with diversification of businesses by re-entering the
cosmetics business and starting the medical and pharmaceutical businesses.
The company carried out its transformation into a global company
through active overseas investment.
After changing the company name to LG Chem in 1995, the company started its engine for
full-scale globalization through an overall CI revision. With the inauguration of Koo Bon-moo,
succeeding Koo Cha-kyung as the third chairman, the company opened a new era
of the second business innovation.
After the inauguration, chairman Koo Bon-moo set and promoted “Jeongdo management”
and “Excellent LG” as the keys of business and pushed forward the company’s advancement
into the global market through vertical integration in the petrochemical sector, development of
cutting-edge medicines, and expansion of the oil refining business into the total energy business.
In the midst of Korea’s economic crisis, namely “IMF Crisis,” that started in 1997, LG Chem put
forward innovative measures one step ahead of others, keeping its balance in the black,
and overcame the hardship with wisdom.
In spite of the crisis, LG Chem consistently showed exemplary business practices such as
building factories in China for the first time for a Korean chemical company and
took energetic steps toward “Excellent LG” with its “21st century business structure.”
LG Chem began its new challenge for its new visions for the 21st century, based on
its outcomes in the 20th century.
The LG Chem of the 21st century is one in which its members can fully realize their
potential, which maximizes shareholder values through transparent management,
and which satisfies and moves customers and contributes to the country and the society.
Today’s LG Chem is realizing the “number one LG” of the 21st century based on
Jeongdo Management and through changes in thoughts and actions.
“The spirit of challenging the future” was the power that drove a small company that
started at a southern village on the Korean peninsula in 1947 to become
a global company that competes with the world.
LG Chem is Korea’s representative global chemical company that has contributed to the country’s
economic growth and the improvement of people’s standard of living since its establishment in 1947
through its constant and stable growth, unending technological development, new product launching,
and quality innovation.
The world is paying attention to LG Chem, which strives to become “a company that
contributes to making the humanity’s life richer” through changes in thinking and actions
based on Jeongdo Management.