LG Chem plans to pump $304 million into Yeosu plant
LG Chem, the nation’s leading chemical company, said yesterday it will invest 320 billion won ($304 million) in its plant in Yeosu, South Jeolla, by 2015 to increase its production capacity of crude acrylic acid (CAA) and super absorbent polymer (SAP).
The new investment will increase annual production of CAA by 160,000 tons and SAP by 80,000 tons, upgrading its annual capacity to 510,000 tons of CAA and 360,000 tons of SAP. The company says this will lead to a sales increase of at least 400 billion won.
The CAA is a core material of making SAP, which is used for fabrics and coating materials. The company expects the CAA market to grow 6 percent per year, from 4.4 million tons in 2012 to 5.9 million tons in 2017. LG Chem said that it wants to increase its CAA and SAP business to 1.7 trillion won by 2016.
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