LG Chem Ltd, South Korea's largest chemical company, said on Tuesday it will spend 300 billion won ($278.32 million) on expanding its acrylic acid and superabsorbent polymer production capacity by the first half of 2019.

The company said in a statement that the investment aims to focus on boosting its higher-value petrochemical business.

The expansion will increase the production capacity of its plants in the southwestern city of Yeosu by 180,000 tonnes per year (tpy) of crude acrylic acid to 700,000 tpy, and by 100,000 tpy of super absorbent polymer to 500,000 tpy, LG Chem said.

Source: nasdaq.com