SEOUL, Aug. 25 (Korea Bizwire) — South Korean tech giant LG Electronics Inc. said Friday it will invest US$250 million to build a washer factory in the U.S.
The construction of the factory in Tennessee is expected to be completed in the first quarter of 2019, with an annual production capacity of 1 million units.
The groundbreaking ceremony was held Thursday (local time).
“The investment aims to secure sustainable growth in the U.S., one of the major markets for the company,” LG Electronics said, expressing hope in bolstering its business capabilities by localizing design, sales and production.
Earlier this week, the company also said it will also spend some $25 million to build a factory for the production of electric-vehicle (EV) parts in Hazel Park, near the industrial city of Detroit for completion early next year. The factory will produce battery packs for electric cars and gradually expand the scope to other key parts.