18 December 2013 04:44 [Source: ICIS news]
SINGAPORE (ICIS)--LG Chem will invest won (W) 320bn ($304m) to boost its acrylic acid production in Yeosu to 510,000 tonnes/year in 2015, the South Korean chemical firm said on Wednesday.
“The chemical firm also expects revenue increase of W400bn through the revamping, reaching up to W1,700bn by 2016,” the company said in a statement.
LG Chem said it is the only manufacturer in South Korea that has the proprietary techmical and vertically integrated facility to produce AA.
AA is used in acrylic fibres, adhesive, paint and ink and coating resins, and is also the raw material for the premium resins called super absorbent polymer (SAP), which is used in diapers and other hygienic commodities.
In line with the expansion in AA capacity, LG Chem will also beef up its SAP capacity by 80,000 tonnes/year to 360,000 tonnes/year by late 2015, the company said.
LG Chem, which is an affiliate of South Korean conglomerate LG Group, intends to develop the AA & SAP business as the core business of group, it said.
($1 = W1,051)
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