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2024.04.03
LG Energy Solution ramps up partner support
BY JEONG SEONWU, Korea JoongAng Daily -
LG Energy Solution is enhancing the competitiveness of its partners and
establishing a sustainable mutual growth system through various collaborative
activities.
The company plans to further strengthen
its cooperation with its partners to overcome uncertainties such as global
economic downturns and solidify its position as a leading global battery
company.
It has expanded the scope of its
productivity improvement and quality enhancement support system from its
domestic partners to overseas partners.
In addition to securing its production
cost competitiveness through short-term goals, the company is also working on
medium to longterm goals such as establishing a value chain based on
localization and supporting the discovery of new technologies.
LG Energy Solution cuts no costs in
providing financial support for mutual growth with its partners.
The Investment Funding for Mutual
Growth is a fund established in 2020 that is worth 150 billion won ($111.4
million).
Through this fund, the company assists
partners in taking out loans with low-interest rates.
In the case of equipment investments or
operating expenses, which can impose a strain on partners, financial support
proves to be of significant assistance.
LG Energy Solution makes its payments
before the predetermined date before holidays, helping partner companies secure
liquidity from temporary surges in fund demand.
Additionally, by implementing the
Delivery Price Indexation System, the company shares the burden placed on its
partner companies caused by increases in raw material prices.
LG Energy Solution is actively working
to promote a culture of fair trade with its partners.
The company has taken proactive steps
to establish a subcontracting review committee, conducting internal reviews to
ensure compliance with laws before and after contracts are signed.
Furthermore, the company has set up an
autonomous dispute resolution committee to internally resolve disputes with
partner companies.
LG Energy Solution is planning to
introduce various new support programs for its partners.
Among them is a system where projects
jointly pursued with partners, possessing merit in both innovation and
business, are recommended to credit guarantee funds.
Depending on the assessment results,
partners participating in the projects will be supported to receive debt
guarantees.
LG Energy Solution is also preparing
extensive support for partners in areas such as education, recruitment and
welfare benefits.
The company is discussing partnerships
with online educational institutions to provide partner company employees with
free online training courses covering legally required training such as sexual
harassment prevention, business, IT, languages, culture, and leadership courses
for self-improvement as well as job competency.
The company also plans to establish
exclusive recruitment sections for partner companies on job search platforms to
assist in recruitment efforts.
“We will establish a firm relationship
of trust with our partners, expanding our mutually complementary dynamic and
technological cooperation to strengthen quality, technology, and productivity
innovation,” LG Energy Solution said
“By doing so, we will continue to
maintain leadership in next-generation batteries while pursuing genuine mutual
growth.”
American Chamber of Commerce in Korea
Address: 15Fl., Two IFC, 10, Gukjegeumyung-ro, Yeongdeungpo-gu, Seoul 07326, Korea
Name of Representative: James Kim
Business Registration No: 771-82-00210
E-Commerce No: 2019-서울영등포-0027
Monday through Friday, 9:00am to 6:00pm (Closed on Korean Public Holidays.)
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