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LG Energy Solution’s Ochang Plant in Cheonju, North Chungcheong Province (LG Energy Solution) |
South Korean battery maker LG Energy Solution said on Monday it will invest 4 trillion won (US$3.1 billion) to expand battery plants at its Ochang plant in Cheonju, North Chungcheong Province until 2026.
Representatives of the battery manufacturer, the local government of North Chungcheong Province and Chungju City signed the investment agreement earlier in the day.
The firm said the investment will focus on the expansion and modernization of the cylindrical battery production line and the construction of additional infrastructure such as research and development facilities at the factories in Ochang.
It will also try to increase the productivity of the new assembly line by introducing smart factory features such as remote control, production intelligence and logistics automation.
According to officials, about 1,800 new jobs will be created in the next five years with the signing of the investment agreement.
LG Energy Solution has pledged to boost the local economy by purchasing production materials and equipment from regional businesses and supporting their participation in the investment implementation process.
Hyun Woo Kang ([email protected])
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