SEOUL, July 29 (Korea Bizwire) — Austrian automotive light maker ZKW Group, a subsidiary of South Koran tech giant LG Electronics Inc., said Thursday that it will invest US$102 million to expand its Silao plant in Mexico.
The plant has been engaged in manufacturing premium lighting systems since 2016. With this investment, the plant’s floor space will increase by 15,700 square meters to 48,700 square meters.
The LG subsidiary in Austria plans to churn out about 3.5 million headlights per year at the plant by 2025.
ZKW, which has global carmakers like BMW, Daimler and VW as its customers, employs around 10,000 workers worldwide and reported 1.07 billion euros (US$1.90 billion) in sales in 2021.
The tech giant said earlier this month that it has secured 8 trillion won (US$6.1 billion) worth of new orders for electric vehicle (EV) parts and solutions in the first half, a sign that its new growth engine is gaining ground.
Its automotive electronics business passed the 2 trillion won mark in quarterly sales in the second quarter of this year for the first time in its history, and returned to profitability for the first time since the fourth quarter of 2015.
J. S. Shin (email@example.com)