LG Chem to supply eight desalination projects
LG Chem, has signed an US$ 8 million deal to supply reverse osmosis (RO) filters for eight seawater desalination projects in five nations from its newly constructed plant at Cheongju in South Korea's North Chungcheong province.The Korean chemical giant is set to supply 17,000 reverse osmosis filters to plant with a total capacity to treat some 200 Ml of seawater a day. The company recently announced that the new plant would be a springboard for its drive to global leadership in RO.
LG Chem said, "We are planning to expand our business network from the current 12 countries in the Middle East and Europe to 17 nations, targeting the global water processing reverse osmosis filter market set to grow to KRW 1.8 trillion won (US$ 1.6 billion) by 2018."
LG Chem has invested some KRW 40 billion (US$ 33.7 million) in the plant at Cheongju, North Chungcheong province. "LG Chem will boost the capacity of the RO filters as the company aims to generate KRW 2 trillion (US$ 1.7 billion) in revenue from its water treatment-related businesses by 2020, which is equivalent to a 10% global share," said a company spokesman.