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Q&A on LG Chemical expands its ABS operations in China
2000.10.25 프린트 하기
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Seoul, Korea (Oct. 25, 2000) - LG Chemical Ltd. has boosted its capacity of ABS (Acrylonitrile Butadiene Styrene) production in China.  Ningbo LG Yongxing Chemical Co. Ltd., a joint venture of LG Chemical (Korea) and Yongxing Chemical (China), has raised its annual production capacity up from 60 thousand tons to 150 thousand tons.

After this expansion, LG Chemical would be producing a total amount of 550 thousand tons both home and abroad.  Hereby, LG will become the world's 4th largest ABS maker.

LG Chemical announced that it recently held a dedication ceremony to mark the expansion of LG Yongxing's production capacity.

The ceremony was held at the ABS manufacturing plant, Ningbo, where 300 people of all social standings including Vice-Governor 'Rong-Bao Ye' of Zhe Jiang Province, Mayor 'Wei-Wen Zhang' of Ningbo and LG Chemical's CEO Jae-Kap Sung were present.

By recording positive figures consecutively, LG Yongxing is reputed as a successful case of foreign investment in China.  To maintain the reputation, LG Chemical continues to increase its production capacity, meeting rising demands of the Chinese ABS market.

When the expansion is completed, LG Chemical would expect a substantial reduction in its total production cost and thereby consolidate its position as China's leading ABS manufacturer.

LG Chemical has come to terms on additional production expansion with Yongxing Chemical Company and plans to increase ABS productivity in China to 300 thousand tons by H2 of 2002.  By then LG would produce 700 thousand tons home & abroad and eventually turn into the third largest ABS manufacturing enterprise in the world.

Currently the Chinese demand for ABS resins this year is an estimated 1650,000 tons and the supply for such product dwells at 330,000 tons/yr.  Therefore the Chinese market would still have room for more ABS supply, accommodating LG's additional ABS operation expansion.

LG Chemical has received US$ 2,400,000 in dividends owing to Ningbo LG's black-ink balance of US$ 4,800,000 in 1999, the first year that the company commenced production.

Ningbo LG Yongxing prospects a net profit of 10 million dollars this year, an unprecedented result for a petrochemical plant that requires tremendous amount of investment in its early stage. 

Company Profile

Ningbo LG Yongxing Chemical Co. Ltd.

- Invested Amount: US$ 70 million
- Capital Stock: US $ 46.2 Mil.
- Share Holdings: LG Chemical - 75%
                          Yongxing Chemical Company - 25%
- Beginning of Operation: June, 1998

LG Chemical

- The largest chemical company in Korea which manufactures petrochemicals, industrial materials, automotive parts, household goods, electronic materials and pharmaceuticals with annual sales  of KRWon 4,546 billion.

- Sets Life Science and Information & Electronic Materials as the strategic businesses and will devote its efforts in these high value-added areas.


References

What is ABS ?

- Raw material used for making high quality plastics which show characteristics of transparency, weather resistance, heat resistance, flame retardant, high impact,  high flow, high gloss, low gloss, high impact and so on.

- A key ingredient for household electronic appliances, office appliances and automotive components.
 

World's Top ABS Manufacturers

(Unit: thousand tons/yr)..........

.

1st

2nd

3rd

4th

5th

Company

Chimei

Bayer

GE

LG Chem

BASF

Capacity

1,200

760

700

550

530

 

 

-------------------------------------
For further information, please contact:

LG Chemical Ltd.,
Public Relations Team (Seoul Korea)

Theodore Kim
Tel:  82-2-3773-3589
Fax:  82-2-3773-7933
E-mail:  theodore@lgchem.com

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