Seoul – Kumho Petrochemical has announced plans to invest KRW256 billion (€190 million) in a new nitrile rubber latex plant at its Ulsan petrochemical complex.
The new production line will have the capacity to produce 236 kilotonnes per annum (ktpa) of nitrile-butadiene latex, and is expected to be completed by the end of 2023, Kumho announced 22 June.
The ‘aggressive investment’ is in response to the rapidly growing demand from the gloves and medical industry, said the Korean petrochemicals manufacturer.
Kumho expects to increase its nitrile latex production capacity to 710ktpa by the end of this year. The latest investment will bring the company’s output close to 1 million tonnes per year, by the end of 2023.
According to Kumho, the new production line in Ulsan will have room for further expansion to produce up to 470 ktpa of nitrile rubber latex, if demand rises.