South Korea based LG Electronics is set to invest $250 million in Tennessee, USA to build washing machine production factory. The plant will be complete by 2019 and will be able to create 600 new jobs on completion.
LG is expected to receive around $20 million grant from Tennessee state government for locating the 829,000-sq. foot factory on 310 acres of land near Clarksville.
About LG Electronics
LG Electronics is a South Korean multinational electronics company headquartered in Yeouido-dong, Seoul, South Korea. LG Electronics was founded in 1958 as GoldStar. It was established in the aftermath of the Korean War to provide the rebuilding nation with domestically-produced consumer electronics and home appliances.
LG comprises four business units: Home Entertainment, Mobile Communications, Home Appliance & Air Solution, and Vehicle Components, with Starion India as its main production vendor for refrigeration and washing machines in the Indian sub-continent.
LG Corporation is a South Korean multinational conglomerate corporation. It is headquartered in the LG Twin Towers building in Yeouido-dong, Yeongdeungpo-gu, Seoul. LG makes electronics, chemicals, and telecom products and operates subsidiaries such as LG Electronics, Zenith, LG Display, LG Uplus and LG Chem in over 80 countries.
LG Corp. established as Lak-Hui Chemical Industrial Corp. in 1947. In 1952, Lak-Hui became the first Korean company to enter the plastics industry. As the company expanded its plastic business, it established GoldStar Co. Ltd. (currently LG Electronics Inc.) In 1958, both companies Lucky and GoldStar merged and formed Lucky Goldstar.