LG Chem has revealed today (23rd September) that it plans to invest about three trillion won (£1.53 billion) over the next nine years in a new LCD glass production plant.

The South Korean chemicals and electronics maker is hoping to build the substrate facility in Paju, which is located north of Seoul, with output starting in early 2012.

In addition, the company expects the plant - which will contain seven individual production lines - to process over 50 million square metres of glass substrates per year.

LG Chem has also indicated that the huge investment should yield approximately two trillion won in sales by the time it has reached its conclusion in 2018, Reuters reports.

The new plan is bigger than the previous commitment outlined by the company, which involved spending 430 billion won on LCD glass production until next March.

Glass substrate output has been struggling in recent times, therefore pushing up panel prices, while production was also impacted by a major earthquake in Japan last month.

LG Chem, which was founded in 1947, has eight domestic factories at present, plus a number of direct marketing branches established around the world.

Source:

UPDATE 1-LG Chem to spend $2.5 bln in LCD glass plant by 2018 (23/09/09)

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