LG Chem unveils China expansion plan

South Korean chemicals giant LG Chem said it planned to more than double capacity in China to make chemicals used in pipes, auto parts and electrical plugs. It said it would expand capacity at its Chinese plants to produce 1 million tons a year of polyvinyl chloride by 2008, up from 340,000 tons currently. LG's plan was revealed in a filing with the Korean stock exchange. The company also said it would increase manufacturing capacity of acrylonitrile butadiene styrene, or ABS, from 300,000 tons annually to 700,000 tons. LG Chem said it aimed to double China revenues to US$4.5 billion by 2008, basing its target on rising consumption of goods using the plastics and other materials the company makes. It aims to be China's largest petrochemicals producer by then.