Lotte Chemical planning to expand its facilities

Lotte Chemical Corp., a major chemicals firm, said Wednesday that it plans to spend 370 billion won ($326 million) in expanding facilities in the country, to better meet demand and strengthen its product portfolio.

Lotte Chemical decided to expand the output at its domestic plant that produces meta xylene (MeX), a material required for purified isophthalic acid (PIA), which is a substance that stiffens PET in the production of bottles.

Lotte Chemical, the No. 1 PIA producer in the world, has been suffering from a supply shortage of MeX.

The company’s MeX output will rise to 360,000 tons from the current 160,000 tons in 2019 when the expansion work is done, the company said. With the facility expansion, PIA output will be increased by 30 percent, it said.

The No. 2 chemicals firm in Korea also said it plans to expand the output of polycarbonate (PC), a high-quality plastic used to make compact discs, mobile phones, laptops, autos and construction materials. YONHAP