SOUTH KOREA: LG Chem to make record investments

The firm said Tuesday it will invest a total of 2.55 trillion won to increase the output of its petrochemical products as well as LCD glasses, batteries and films used for 3D televisions.

That is an increase of 10 percent from a year ago.

It has set 24.55 trillion won as the revenue target this year, up 8.2 percent from 2011, it said in a statement.

Out of the 2.55 trillion won in investments, 1.75 trillion won will be spent on building new facilities, while the remainder is set for administrative-related affairs, company spokesman Sung Hwan-doo said.

"The 700 billion won is earmarked for the petrochemical business, while materials and battery businesses will get 540 billion won and 470 billion won respectively,” according to Sung.

LG Chem expects its bottom line to strengthen in the first quarter of this year thanks to lowering inventories and the rising price of petrochemical products.

Source: Daily "The Korea Times", Seoul; 1 Feb 2012

(Syed Rashid Ali, Karachi, Pakistan)