SEOUL-LG Chemical, the first major industrial company in Korea to split up for specialization, will be shooting to realize a turnover of 8 trillion won and operating profits of 800 billion won in 2005.

Meeting with the press for the first time since his appointment as president and CEO, Noh Ki-ho said these mid-term objectives will be realized by providing customers with total solutions.

"We will strive to change our image from a traditional manufacturing company into a provider of total solutions for the benefit of our customers," said the 55-year-old LG veteran.

Presenting a vision for securing confidence among customers and investors through open and trustworthy management, he said LG Chemical would continue along its course of globalization.

Corporate spin-offs aimed at specialization have been completed and LG Chemical will now focus on three core businesses - petro-chemicals, industrial materials and materials for information and electronic devices.

"In particular, we will be expanding our business in materials for information and electronics devices from the current 4 percent to 12 percent in 2003 by investing 340 billion won," Noh explained.

He said while the chemical industry is experiencing difficulties, LG Chemical is confident that it will continue to grow by concentrating on its core competencies, increasing investments in China and boosting exports.