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South Korea’s Lotte Chemical Corp. has revamped internally and externally under the goal of making the global top seven by 2030.
Lotte Chemical recently introduced a new employment management system under which top-performing employees will be managed in a special group. It will be an upgrade to its existing performance-based salary system, adding two special groups - one for top performers below general manager level and another for department heads. The change will be implanted next year.
The company expects the addition of special merit groups to boost employee morale as well as increase team synergy.
Lotte Chemical earlier this year completed merger of Lotte Advanced Materials. It has been working to bring together employees of the two separate firms.
The company has set a goal of becoming the seventh largest chemical maker in the world with revenue of 50 trillion won ($40 billion) by 2030.
To achieve its goal, the company is not only seeking a reform in organizational culture but also aggressively expanding business.
The company opened a center for innovation at its main research and development center in Seoul early this year and launched Lotte Chemical Innovation Fund, worth 5 billion won, with its startup incubation specialist affiliate Lotte Accelerator to find new business growth engines. More recently, it gained the board’s approval to set up an automotive compound manufacturing plant in Indonesia.
Moreover, Lotte Chemical is expected to go after Doosan Solus Co., a battery copper foil and OLED material maker that Doosan Group has put up for sale to salvage debt-ridden construction unit. While the price tag of Doosan Solus is estimated at over 1 trillion won, industry watchers see Lotte Chemical as the most probable buyer of Doosan Solus as the company has strong financials and also will be able to create synergy with its existing businesses.
[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]
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