New Joint Venture to Invest $240 Million in EV Battery Parts Factory

URLhttps://www.thomasnet.com/insights/new-joint-ventu
SourceThomasNet
Date Published08/26/2022
Mentions specific company case(s) of reshoring, kept from offshoring, or transplantYes

Additional Reshoring Information:

Company/Division name Lotte Aluminium Materials USA LLC
Parent companyLotte Group
Type of work Manufacturing
Reshoring category:Foreign Direct Investment
Total number of jobs (added or to be added):122
Year reshoring announced:2022
Year reshoring implemented or to be implemented:2025
Domestically, the work will be done:In-house
Capital investment ($):240
Country(ies) from which reshored:Korea, Republic of
City reshored to:Elizabethtown
State(s) reshored to:KY
If relevant, work nearshored to:-
Industry(ies):Primary Metal Products (not including Foundries and Castings)
Product(s) reshoredcathode foil for EV batteries
What non-domestic negative factors made offshoring less attractive?Supply chain interruption risk/Natural disaster risk/Political instability
What domestic positive factors made reshoring more attractive?Government Incentives, Proximity to customers/market
Government Incentive dollar amount:$500,000
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