Lot Vacuum sees high growth from solar panel business
Vice chairman Kim says the company is aiming for 250 billion won in revenue
Dry vacuum pump company Lot Vacuum is aiming for an annual revenue of 250 billion won this year from its solar panel business.
Company vice chairman Kim Ho-sik told TheElec that it is expecting double the sales from 2022 from the business, which is showing high growth.
Kim, an expert in production equipment that started working in 1989, became president of Lot Vacuum in 2014 and vice chairman last year.
The company in the past focused on vacuum pumps for use in wafer fabrication, or chip production.
While the global chip market is showing sluggish growth, Lot Vacuum has a diverse portfolio that can respond to this and continue growth, Kim explained.
The high growth from its solar panel also continued despite the global economic downturn, the vice chairman added.
Its solar panel business, up to 2021, only accounted for 10% of its total revenue with 28 billion won.
But analysts expect the business to have quadrupled in revenue last year. They expect the company to have recorded over 300 billion won in annual revenue last year.
Kim credited this growth the Lot Vacuum’s solar panel business in China, which it prepared for the past four years.
China’s policies to protect the environment and the positive reception for the company’s panels by customers there are spurring the growth, the vice chairman said.
The acquisition of liquid crystal display and chip control equipment maker Juyoung for 27 billion won last year also contributed 40 billion won in revenue, Kim added.