VA: Hanwha Azdel to Invest $21.3M for Expansion in Lynchburg
24 Jan, 2014
Governor Terry McAuliffe announced Hanwha Azdel, Inc., a manufacturer of high-performance thermoplastic composites designed for both interior and exterior applications, will invest $21.3 million in its operation in the City of Lynchburg. The facility produces Light-Weight Reinforced Thermoplastic composites, and with this expansion the company will add an additional production line. Virginia successfully competed against Alabama, Indiana and Michigan for the project, which will create 33 new jobs.
“The expansion of this Virginia-headquartered company is a great win for the City of Lynchburg and for the Commonwealth,” said Governor McAuliffe. “Hanwha Azdel’s investment to add a new manufacturing line at this facility speaks volumes about its success and growing product demand, as well as the strength of our business environment and workforce here in Virginia.”
Hanwha Azdel, Inc., headquartered in Lynchburg, serves a number of major economic segments including automotive, heavy truck, recreational vehicles, industrial and other transportation applications. Hanwha Azdel, Inc. is an affiliate of Hanwha Living & Creative (L&C) Corporation, which is a company of Hanwha Group, a major Korean company with 50,000 employees worldwide.
Mr. Justin Keum, CEO of Hanwha Azdel, Inc., commented, “Hanwha Azdel is proud to select Lynchburg, Virginia, as the site for our next expansion. The overwhelming support we received from the Governor’s office and the City of Lynchburg, along with the skilled workforce and excellent standard of living in the Commonwealth, were key factors contributing to our decision. Hanwha Azdel has experienced significant growth and success in Virginia and we are confident that our decision to expand in the Commonwealth will continue to drive our growth and innovation.”
Hanwha Group, founded in 1952, is one of the largest business enterprises in South Korea with 52 domestic affiliates and 90 global networks in three major sectors: manufacturing and construction, finance, and services and leisure. With a 60-year track record of industrial leadership, Hanwha’s manufacturing and construction businesses encompass a broad range of fields from basic chemicals and advanced materials, to property development and total solar energy solutions. The finance network, covering banking, insurance, asset management and securities, is the second largest non-bank finance group in South Korea. The services and leisure sector offers premium lifestyle services with retail and resort businesses. For more information, visit: www.hanwha.com
The Virginia Economic Development Partnership worked with the City of Lynchburg to secure the project for Virginia. Former Governor Bob McDonnell approved a $350,000 grant from the Governor’s Opportunity Fund to assist the City of Lynchburg with the project.The company may be eligible to receive benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development. Through its Virginia Jobs Investment Program, the Virginia Department of Business Assistance will provide funding and services to support the company’s recruitment and training activities.
“It is exciting to support the expansion of a long-standing Lynchburg manufacturer and assist in the creation of these new jobs. The City of Lynchburg remains committed to attracting, retaining, and expanding a diverse set of businesses to support and grow the Lynchburg economy,” said City of Lynchburg Mayor Mike Gillette.
“I am so pleased that Hanwha Azdel, Inc. has chosen the City of Lynchburg to expand its thermoplastic composite operations,” said Lynchburg Economic Development Chair, Mike Lucado. “This investment in jobs and equipment further strengthens Lynchburg's position in the plastics industry. As Hanwha Azdel has shown its commitment to investment and growth, the Lynchburg Economic Development Authority is pleased to show our commitment to growing business, and we look forward to many more years of partnership."