[Courtesy of LG Chem]
LG Chem, a leading South Korean chemical company, disclosed a 400 billion won ($352 million) plan Monday to expand the annual production of elastic polymers from 90,000 tons to 290,000 tons by 2018.
With its increased production, LG Chem aims to become the world's third largest elastomer producer after Dow Chemical and Exxon Mobile. The company's elastomer plant is located in Daesan, some 80 kilometers (48 miles) southwest of Seoul.
An elastomer is considered a high-tech product used to make seals, high-quality adhesives, shock absorbers and molded flexible parts. Market researcher Chemical Market Resources estimated the global elastomer market would grow from 2.4 trillion won last year to 3.5 trillion won in 2020.
Aju News Lim Chang-won = cwlim34@ajunews.com
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Park Sae-jin
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