LS Cable & System plans to invest $689 million in new manufacturing operations in Chesapeake, Virginia, marking one of the largest private investments ever made in the Hampton Roads region.
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The project is expected to create more than 430 new jobs and expand U.S. production of copper products and rare-earth magnets. Those materials are used across energy, transportation, and defense supply chains and are seen as increasingly important as companies push to rely less on overseas suppliers.
The investment builds on LS Cable & System’s earlier decision to establish LS GreenLink USA in Virginia, which broke ground in April. While the new facilities are separate from that project, the company says both efforts strengthen its long-term manufacturing footprint in the United States.
LS Cable & System is evaluating several sites in the Chesapeake area for the new complex. Planned operations include copper rod production from recycled material, magnet wire manufacturing for automotive and industrial usess, and rare-earth magnet production for electric motors and other advanced systems.
“This investment represents an exciting step in our continuing growth in the United States,” said LS C&S President and CEO Bon-Kyu Koo. “We’re not only expanding our manufacturing capabilities, we’re strengthening the U.S. domestic supply chains and supporting America’s leadership in energy and technology.”
State and local officials say the project reflects a larger push to bring more advanced manufacturing back to the U.S., particularly in industries tied to energy and infrastructure.
“Thank you to LS Cable & System for choosing Virginia again. Today’s announcement demonstrates that Virginia is leading the nation in reshoring American manufacturing and securing the critical supply chains that power and protect our country,” said Governor Glenn Youngkin. “LS GreenLink has already brought hundreds of millions of dollars to Hampton Roads, and these three projects from LS Cable & System will build on that momentum.”
