CHESAPEAKE, Va. (WAVY) — LS Cable & System will invest nearly $700 million in a Chesapeake project Gov. Glenn Younkin says would be the single-largest capital investment in the Hampton Roads region, creating more than 430 jobs.
70-story, $681M submarine cable plant planned for Chesapeake would be Virginia’s tallest building
The South Korea-based LS Cable & System, described as a global leader in power and communication cable and system solutions, is expected embark on a $689 million project to create a new and growing domestic supply chain for magnetic copper wire and rare earth magnets that bypasses the monooly of Chinese suppliers.
The company’s products are used in advanced weapons systems in the U.S., such as the Javelin missile, the F-35 fighter jet, nuclear submarines and unmanned aerial systems.
The governor’s office says that, along with more national security, the company’s investment “ensures Americans are able to benefit from the increased demand for these materials from the energy and manufacturing sectors.”…