CHESAPEAKE, Va. (WAVY) — It’s been revealed that the project billed as the “single largest capital investment in the history of the Hampton Roads region” will be coming to Chesapeake’s Greenbrier area.
Wednesday, LS Cable & System, Ltd. confirmed it is under contract to buy 86-acres of land just south of Volvo Parkway to develop its LS Advanced Materials Manufacturing Complex.
Initially announced last year, the $689 million facility will focus on the magnet wire production, rare-earth magnet production and copper recycling and rod manufacturing. The South Korean-based company said the move would help strengthen the U.S. supply chain and provide 430 new jobs.
LS Cable & System makes nearly $700M investment in Chesapeake, adds 430 jobs
This investment is in addition to the $681 million the company is currently using to build a submarine power transmission cable factory in the St. Juliens Creek Annex area of the city. LS Cable & System Managing Director Patrick Shim said the company’s total investment in the region will now be $1.4 billion…