LG MMA Co., an affiliate of South Korean conglomerate LG Group, said Wednesday it will spend some 130 billion won ($116 million) to expand its facility in the country to meet growing demand for methylmethacrylate, used for various industrial materials.

LG MMA, a joint venture with Japan‘s Sumitomo Chemical Co., Ltd. and Japan Catalyst Inc. that was set up to produce industrial products, said its output will rise to 260,000 tons of MMA from the current 180,000 tons when the expansion work is completed in 2019.

LG Corp., the de facto holding firm of LG Group, owns a 50 percent stake in LG MMA.

The facility expansion will help LG MMA be among the world’s top five companies in the sector.

Local demand for MMA is estimated at 490,000 tons annually, larger than the 440,000 tons the country can supply, with the shortfall covered with imported MMA. (Yonhap)