LG Electronic (Qinhuangdao) Co. Ltd. has decided to invest U.S. $7.5 million to expand production, which includes the construction of a 20,000-sq-m factory.
LG Electronic (Qinhuangdao) Co. Ltd. is a major enterprise launched in China by LG Group of South Korea. The company, which was launched in December 1995 with an investment of $8.5 million, mainly produces castings for household electrical appliances and are mainly exported to South Korea and sold in Tianjin.
LG has secured 66.67 hectares of land for the new factory building in Qinhuangdao Economic and Technological Development Zone. The new factory building is expected to be completed in July 2005, when the company's production capacity will increase by two-fold.
Despite a price hike in raw materials, LG Electronic (Qinhuangdao) Co. Ltd. realized a profit of $1.5 million in 2004, up 50 per cent from 2003. (XIC)
to Daily News