LG Chem and Taekwang Industrial to form TL Chemical in a $110m deal.

LG Chem, a company that manufactures and sells a variety of chemicals, electronics, and energy storage products, and Taekwang Industrial, a firm engaged in the oil & gas industry in Korea, agreed to form TL Chemical, a joint venture to expand acrylonitrile facilities, in a $110m deal. The stake is 60% owned by Taekwang Industrial and 40% by LG Chem, and the official name and establishment date will be finalized in the second half of the year. The AN production capacity of the joint plant to be built in Ulsan is 260k tons per year, and it is planned to start commercial production in 2024. AN produced by the new corporation will be supplied to Taekwang Industrial and LG Chem.