LG Chem to invest $ 455 million in first polysilicon plant

12:05 PM, 17th June 2011

LG Chem to invest $ 455 million in first polysilicon plant

Peter Bahnsuk Kim, Vice-Chairman and CEO, LG Chem.

SEOUL, SOUTH KOREA: LG Chem Ltd, South Korea’s biggest chemicals maker, said it plans to spend 491 billion won ($ 455 million) to build its first polysilicon plant to move into the world’s “fast-growing” solar energy market.

The facility in Yeosu will be able to produce 5,000 metric ton a year of polysilicon, used in solar cells, when construction is completed by the end of 2013, the Seoul-based company said in a regulatory filing. Also the LG Chemicals board has approved the construction plan.

Chief Executive Officer Peter Bahnsuk Kim told investors in Seoul on April 19 the company was preparing to move into the polysilicon market with its own technology as it was confident it could compete with existing players at low cost.

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