LG International to buy 29% stake in Chinese urea plant

LG International, a trading arm of LG Group, said that it plans to acquire a 29 percent stake worth US$92 million in a urea plant owned by Boyuan Group of China.

The decision was made at a board of directors meeting of LG International Tuesday, the company said.

Construction of the Bodashidi plant, which is capable of producing 940,000 tons of urea per year, is underway on 560,000 square meters of land in north China's Neimenggu region. Completion is due for October.

By Keat Min Woo

Park Sae-jin swatchsjp@ajunews.com