South Korean tech giant LG Electronics said on May 30 that it has completed constructing a new washing machine plant in Tennessee, US, after investing $360 million over the last 15 months.
Politicians from both the US and Korea along with LG executives who attended the ribbon-cutting ceremony include US Rep. Mark Green, Tennessee Gov. Bill Lee, Montgomery County Mayor Jim Durrett, Clarksville Mayor Joe Pitts and Korean Consul General Kim Young-jun.
“LG Electronics aims to achieve two-digit growth in terms of revenue in the US market,” said Dan Song, president of home appliance and air solutions c, in a press conference held on the sidelines of the opening event. “The washers produced here will replace those manufactured in other regions, including Vietnam and Thailand.”
The Korean tech giant announced the investment plan for the new plant in 2017 in the wake of the US government’s decision to increase tariffs on Korean washing machines imported to the US market.
In February this year, the Donald Trump administration started to impose tariffs of 18 percent on the first 1.2 million units of imported washers, and 45 percent on subsequent imports.
The US is one of the largest markets for LG where it sells some nine million units a year.
Although the opening event was only just held, the new plant started operations in December 2018, six months ahead of the initial schedule, hiring some 600 employees.
The two manufacturing lines -- for top-load and front-load washers -- can churn out up to 1.2 million units a year, or one per 10 seconds, according to the company.
By Kim Young-won (email@example.com)