February 28, 2024
(press release)
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■ Basic Materials Business established ‘AI Solution Team’ for AI-linked catalyst and product development and quality development through accumulated R&D knowledge and AI convergence
■ Advanced Materials Business established ‘AI Task Force’ to develop solutions based on AI to enhance competitiveness of the specialty material business by improving efficiency and product quality
■ President & CEO Lee Hun Ki, “In addition to strengthening cost competitiveness through efficient operation, we will actively utilize AI technologies using various methods to quickly commercialized our accumulated research and technological knowhow and thereby, speedily pursue innovation and differentiation to advance our businesses”
President & CEO Lee Hun Ki, who took office in December of last year, commented in his New Year’s message to employees, “By actively using productive AI technologies, it will be possible to improve the essential value of work and maximize efficiency throughout all fields of operating the company,” as he instructed the establishment of a separate organization for advancing AI technologies and expanding and accelerating the scope of its application.
Accordingly, the Basic Materials Business established the ‘AI Solution Team’ for AI-linked catalyst and product development and quality development through accumulated R&D knowledge and AI convergence at the Daejeon Technology Institute. Operations related to AI that were taken care of by relevant departments will be integrated to utilize in machine learning and deep learning, etc. to carry out works involving the improvement of product properties, predicting catalyst attributes, and designing reactors based on simulations.
The Advanced Materials Business established the ‘AI Task Force’, which is an organization dedicated to identifying various problems that occur throughout all business fields such as product development, production and global supply chain, and for developing AI-based solutions to enhance efficiency and upgrade product quality. The new organizations will implement AI technologies needed on site such as maintaining prediction equipment, simulation of optimal material combinations, etc. to improve the competitiveness of the specialty materials business.
LOTTE Chemical President & CEO Lee Hun Ki stated, “We must not fall behind the AI trends in order to provide customer response according to eco-friendly material trends and environmental changes shifting toward users, as well as for our transformation toward specialty materials and new business sectors.” He added, “We will actively utilize AI technologies with various methods to strengthen cost competitiveness through efficient operation and to quickly commercialize our accumulated research and technological knowhow to speedily pursue innovation and differentiation for our business advancement goals.”
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