LG Chem says it will invest $100 million to double the capacity of an acrylonitrile butadiene styrene (ABS ) joint venture (JV) at Huizhou, China, and LG Chem will increase its stake in the JV.
Capacity of the JV will increase from 150,000 metric tons/year, to 300,000 metric tons/year by 2018. The JV is a 50-50 partnership between LG Chem and China National Offshore Oil Corp. (CNOOC). LG Chem’s stake in the JV will rise to 70%, the company says.
The project will increase LG Chem’s overall capacity for ABS to 2 million metric tons/year, the company says. LG Chem’s other plants are at Yeosu, South Korea, with capacity of 900,000 metric tons/year; and Ningbo, China, with a capacity of 800,000 metric tons/year. LG Chem expects the expansion to increase the company’s share of the worldwide ABS market to 26%, from 21%. China accounts for more than 50% of worldwide ABS demand, and more than 50% of China’s ABS demand is in the south of the country, where Huizhou is located, LG Chem says.
The Huizhou ABS plant started operating in 2011. LG Chem and CNOOC said at the time that the plant’s capacity would double by 2013.
LG Chem announced plans in October to convert a polystyrene plant at Yeosu to make ABS. The conversion will add 30,000 metric tons/year of ABS capacity, LG Chem says.
By Ian Young
Source: Chemical Week
Sika AG (Baar, Switzerland) has opened a new plant in Santa Cruz de la Sierra, thus doubling its production capacity for mortar and concrete admixtures in Bolivia. With this new facility in one of the country’s main industrial agglomerations, Sika is positioning itself for continued growth in the dynamic Bolivian construction market.
Chevron Corporation (NYSE: CVX) and Renewable Energy Group, Inc. (NASDAQ: REGI) (REG) announced on Monday a definitive agreement under which Chevron will acquire the outstanding shares of REG in an all-cash transaction valued at $3.15 billion, or $61.50 per share.
Lotte Chemical Corp. will invest 10 trillion won ($8 billion) on hydrogen and battery materials through 2030 to achieve annual revenue of 50 trillion won and carbon neutrality. The Korean chemical producer on Thursday unveiled its new corporate vision outlining key corporate strategies with focus on growth through hydrogen energy and battery materials businesses.