South Korea's LG to invest EUR 303 mln in huge Polish plant
The South Korean firm LG intends to make its electric battery plant in south-western Poland “the biggest in the world” with a multi-million euro investment.
According to press reports, the firm will invest PLN 1.4 billion (EUR 303 million) in the plant.
The site, located in Kobierzyce near the south-western city of Wroclaw, "is already the biggest in Europe and is going to become the biggest in the world," the business newspaper Puls Biznesu wrote on Thursday.
The South Korean company will receive support from the Polish government under the Polish Investment Zone scheme, the daily adds.
"The declared outlays are at EUR 302.9 million,” the newspaper was told by Milosz Marczuk, spokesperson for the state-owned Industrial Development Agency (ARP), whose local branch issued the support decision involving tax breaks.
“The company committed itself to employing at least 500 new workers by December 31, 2022," it added.
"When the project is completed, the total outlays will exceed EUR 3.1 billion and employment may reach 10,000 people," the ARP said in a statement, as quoted by Puls Biznesu. Ultimately, Kobierzyce will become home to "the biggest electric vehicle battery plant in the world (...) satisfying about 60 percent of the current demand in Europe."