LG Chem Owns Washington and Seoul, Literally It Seems
An interesting corollary to the recent news that South Korea's "LG Chem received almost half of its investment - $150 million - from the U.S. government and is to receive tax benefits of $130 million from Michigan" — Stealing From American Taxpayers, Giving to Korean Conglomerates — is this story informing us that "[a]n LG Chem researcher... known to have tried to join a rival foreign company... has been prevented from doing so by a Korean court" — Court Bans LG Chem Scientist From Joining Foreign Rival. The story:
- The Korean company is a leading manufacturer of rechargeable batteries, one of the nation’s top 10 new growth engines.
The Seoul Central District Court said Wednesday that it banned four LG employees from working at Enerland for up to 18 months after their resignation. Enerland is a subsidiary of the U.S.-based A123 Systems.
LG had submitted an application to the court to ban six of its battery lab researchers from moving to other companies and leaking confidential information.
In addition to the four employees, a former electrolyte developer and a director in charge of the battery production process already moved to A123. On the six former staff, the court banned them from leaking LG’s business secrets or releasing them to a third party, including Enerland.
A123 is a rechargeable battery maker established by alumni of Massachusetts Institute of Technology, or MIT. The company is LG’s rival and once competed against LG in a battery supply competition.
Enerland is a wholly owned subsidiary of A123.