LG Electronics has leased distribution space with plans to invest U.S. $24 million and hire 700. The new facility is LGE's second at Alliance, an industrial park in far north Fort Worth, TX, U.S.
A representative of Hillwood, the owner and developer of Alliance, was not able to provide the square footage of the distribution center LGE leased or other details. The company currently operates a 500,000-sq-ft center in Alliance's Gateway development, which was owned by Zenith Electronics Corp., before LG acquired the company in 1995.
Company officials could not be reached to comment on the intended operations for the new plant.
LGE's 70-plus subsidiaries design and manufacture display and media products, home appliances and telecommunications devices. The company had annual sales of $38 billion in 2004. After Asia, LGE generates most of its revenue from sales in North America. In 2004, the company established a North American headquarters in Englewood Cliffs, N.J.
In August, LGE and Nortel Networks Corp. of Canada signed a definitive agreement to set up a telecommunications-equipment joint venture capitalized at $295 million. The joint venture, according to other media sources, would offer telecom and networking systems in the wireline, optical, wireless and enterprise areas for South Korean and global customers. (Dallas Business Journal)
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