LG to spend big in green chemical push

LG Chem plans to spend $2.3 billion through 2028 on 10 plants in Seosan, South Korea, that will produce environmentally friendly materials. One plant will have the capacity to make 50,000 metric tons (t) per year of polybutylene adipate-co-terephthalate. The compostable polymer—made from butanediol, adipic acid, and terephthalic acid—has seen explosive growth in recent years, particularly in Asia. LG is also planning a 100,000 t facility for a polyolefin elastomer used to make films for solar panels. The plants will open in 2024 and add about $400 million in annual sales, LG says. Long term, the company is eyeing investing in biobased raw materials at the site.