SEOUL, Nov. 7 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical firm, on Thursday said it has set up a new petrochemical tech center to boost its competitiveness in the sector.
LG Chem said its petrochemical tech center in Osan, some 50 kilometers south of Seoul, has been completed after investing 110 billion won (US$94 million). The facility replaces its previous tech center in Daejeon.
The latest tech center will have more than 60 laboratories to test petrochemical products and 200 researchers, according to the company.
LG Chem said the center will closely communicate with Huanan Tech Center in China so that the company can better offer technical service and solutions to its customers.
LG Chem’s petrochemical business posted sales of 3.9 trillion won in the third quarter, down 9.5 percent from a year earlier, while operating profit plunged 39 percent on-year to 321.2 billion won in the three-month period.