LG Chem plans to invest a total of 400 bln won (US$351.7 mln) to increase the production capacity of elastic polymers, also known as elastomers, in a bid to expand its market share against industry-leading players Dow Chemical and ExxonMobil, as per .koreatimes.co.kr.
The investment comes as the firm aims to shift its focus into manufacturing value-added, premium chemical products and materials, amid growing competition in the traditional petrochemical business.
The bulk of the investment will be spent on building more manufacturing facilities in Daesan, South Chungcheong Province. The new production lines will have a capacity of some 200,000 tpa of elastomers, hiking total production to 290,000 tpa. This is the nation's largest elastomer-production facility.