CHESAPEAKE, Va. — South Korea based manufacturer LS Cable & System executives provided additional details about their $689 million manufacturing complex planned for the Greenbrier area of Chesapeake. Managing Director Patrick Shim highlighted the facility’s critical role in creating a China-free supply chain for national security materials.
The project, described as the largest private capital investment in Hampton Roads history, will focus heavily on producing rare earth magnets essential for advanced military applications, Shim said during a media briefing Wednesday.
“Our magnets will be not only made in the U.S., but our underlying raw materials are coming from Australia,” Shim said. “Those magnets are very vitally important for national security because they are used for advanced fighter jets, guided missiles, a lot of weapons systems.”…