“Let us have No. 1 DNA take root throughout LX.” Chairman Koo Bon-joon of LX Holdings emphasized ‘No.1 DNA’ to members of LX Holdings on Monday when LX Holdings has been officially launched. During the inauguration ceremony, Chairman Koo said that subsidiaries of LX Holdings are companies that are leaders in fabless, interior materials, MMA (methyl methacrylate), and logistics in South Korea and that he hoped every member of LX Holdings would be proud of the holding company through people which are the most important asset of the company. Chairman Koo also said that he would want the holding company to go global and emphasized importance of ‘connection to sustainable future’ through connection, future, and people that are the core values of LX.
Chairman Koo had held many roles within the LG Group. After starting his career in 1985 at GoldStar Semiconductor, he had held top positions at LG Semiconductor, LG Philips, LCD, LG International, and LG Electronics and made contributions to helping the group become a global company. It will be interesting to see how Chairman Koo, who is known for his decisive initiative and decision-making, will lead the LX Group in the future.
LX Holdings is a new holding company that was separated from LG Group. LG International, LG Hausys, SiliconWorks, and LG MMA that were affiliated companies of LG Group have become subsidiaries of LX Holdings while LG International’s subsidiary Pantos has become the company’s grandson company. MMA is a material that is used for paint, finishing material for construction, and others. LG MMA, which was established in 1991, has localized MMA that used to be highly dependent on foreign companies.
In 2020, overall sales and operating profit from the five companies were $14 billion (16.0248 trillion KRW) and $360 million (402.5 billion KRW) respectively. The total amount of assets from the companies including LX Holdings is about $7.1 billion (8 trillion KRW) which will put LX Holdings on 52nd place in the financial world in South Korea.
LX Holdings held an inaugural meeting and a board of directors meeting and appointed Chairman Koo along with the company’s management. Former president Song Chi-ho of LG International was appointed as the CEO of LX Holdings while Vice President Noh In-ho, Vice President Noh Jin-seo, and Executive Director Park Jang-soo were appointed as CHO, CSO, and CFO respectively. A representative from LX Holdings said that the company would establish a business portfolio with quality growth engines under the management of Chairman Koo and improve profitability and achieve a steady growth.,
Staff Reporter Kang, Hyeryung | kang@etnews.com