LG Chem CEO Kim Bahn-suk

By Kim Yoo-chul

LG Chem recently won a patent suit against U.S.-based chemical giant Dow Chemical, the Korean company said Thursday.

The Seoul Central District Court ruled in favor of LG in the suit involving the Korean company’s patent for elastomers, denying claims by Dow Chemical.

``Dow’s claims against LG were groundless and the court confirmed it,’’ LG said in a statement. Dow sued in December 2009.

Dow is expected to appeal, though company officials in Korea weren’t available for comment.

``This is very inspiring for us,’’ said an LG Chem spokesman Owen Sung.

Elastomers are polymers, and are widely used for car bumpers, high-quality adhesives and molded flexible parts. LG is the only Korean company which has the capability to manufacture them among just four worldwide.

The firm said it had already secured a patent for metallocene ― one of the critical components needed to produce elastomers ― in 1999. In 2008, its production of elastomers was expanded to 90,000 tons per year and the company is planning to further increase capacity to meet rising demand for such materials, said Sung.

The global market is valued at around 2 trillion won ($1.7 billion).

Last year, LG Chem acquired Dow Chemical’s 50 percent stake in LG Dow Polycarbonate ― a joint venture between the two companies ― after Dow decided to sell its polycarbonate business following its acquisition of Rohm and Haas.