LG Chem to invest 235 billion won in safety
Called M-Project
LG Chem will invest 235 billion won to reestablish environmental safety standard in all its production sites worldwide, the company said on Monday.
The announcement follows the company’s announcement in May that it will ensure zero safety issues going forward.
LG Chem aims to have zero environmental and safety accidents by 2021 __ the move is called M-Project by the company.
The company has so far come up with 590 points to improve in its on-going review of its 37 facilities worldwide. The review will wrap up within the year.
25 of the points will be applied within the year.
It has so far already spent an extra 81 billion won to increase safety in its facilities.
It plans to complete reestablishment of environmental safety standards and an accident detection and prevention system by 2021.
LG Chem will also name Mother Factories __ key facilities that have the best technology in certain products or processes __ and have their best practices applied to other facilities. The policy will begin in the first half of 2020.
The company will also apply big data for the accident detection and prevention system that it is developing. The system was being tested at two of its facilities in South Korea.
Safety organizations within subsidiaries will sign off on spending related to environmental safety instead of the business departments starting in the second half of 2020.
LG Chem Shin Hak-cheol said the company felt a huge responsibility over recent accidents and is working to come up with fundamental solutions.