South Korea's LG Innotek to invest further $268 million in Haiphong factory

November 26, 2024 | 14:22

(0) user say

South Korea's LG Innotek announced on November 21 that it will invest ₩375.9 billion (about $268 million) to scale up its manufacturing facility in Haiphong.

South Korea's LG Innotek to invest further $268 million in Haiphong factory

As reported by newswire Business Korea, this move aims to respond to new models in the optical solutions business and enhance the company's competitiveness. The investment period is set from November 21 until December 31 next year.

The investment is part of LG Innotek's broader plan announced last year, when LG Innotek made a commitment to invest $1 billion in a new manufacturing facility for advanced smartphone camera modules and other optical products in the northern port city of Haiphong.

The manufacturing facility is slated to be completed this year, with mass production targeted for 2025. It is expected that the expansion will more than double the capacity of the manufacturing facility to produce camera modules. The capacity increase will help LG Innotek to meet client demand more stably and improve both domestic and international supply chains.

This investment reflects the company's commitment to maintaining its leading position in the high-tech components market, especially in the quickly evolving field of optical solutions.

LG Innotek, a subsidiary of the LG Group, is South Korea's first electronic components company. Founded in 1970, LG Innotek has grown into a leading global materials and components company by intensively fostering world-class products through continuous technological development and process innovation.

IFC considers $200m loan for LG Innotek Vietnam

The International Finance Corporation (IFC), a member of the World Bank Group, is considering a loan of up to $200 million to LG Innotek Vietnam Haiphong Co., Ltd.

LG Innotek in Haiphong invests further $1 billion

LG Innotek, a producer of core components for mobile devices, automotive displays, and semiconductors, will invest $1 billion into building a new manufacturing facility for advanced smartphone camera modules and other optical products in the northern port city of Haiphong.