Lotte Chemical unveils separate AI organizations

[Courtesy of Lotte Chemical Co.]

South Korea’s Lotte Chemical Co. has formed separate artificial intelligence (AI) organizations for its basic materials and advanced materials businesses to strengthen data-driven research using AI, the company said on Thursday.

The AI organizations were created under the direction of the company’s president and chief executive officer Lee Hun-ki, who took office in December 2023.

“We will actively utilize generative AI technology to enhance the intrinsic value of our business and maximize efficiency in all areas of our operations,” Lee said in his 2024 New Year‘s message to employees.

Lotte Chemical CEO Lee Hun-ki. [Photo by Lotte Chemical Co.]

For the basic materials business, the company established an ’AI Solution Team‘ at its LOTTE Chemical Institute of Technology in Daejeon, South Chungcheong Province. This team will integrate AI tasks from relevant departments and use machine learning and deep learning techniques to improve product properties, predict catalyst characteristics, and perform simulation-based reactor design tasks. The goal is to improve AI-linked catalysis, product development, and quality through the convergence of accumulated research and development (R&D) knowledge and AI.

For the advanced materials business, the company formed a dedicated organization called the ’AI Promotion Office‘ to enhance efficiency and improve product quality. This new office aims to identify various problems arising in all areas of business, such as product development, production, and global supply chains, and develop AI-based solutions. The new organization plans to introduce AI technologies needed in the field, such as predictive maintenance and optimal material combination simulations, to enhance the competitiveness of the specialty materials business.

“We need to keep up with AI trends in order to respond to customer needs in line with the eco-friendly material trend and customer-centered environmental changes, as well as to transition to specialty materials and new business areas,” Lee said in his New Year’s message.