NewMarket (NEU) unit American Pacific said Monday its board approved up to $100 million in capital investment to expand its ammonium perchlorate production capabilities to keep pace with solid rocket motor demand.

American Pacific said the expected investment will allow it to build an additional production line, increasing capacity by over 50%, which in turn will enable American Pacific to meet the demand of the US military and space launch programs.

American Pacific said the project requires the NewMarket board's approval and is currently anticipated to be completed next year.