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LG Chem to Build Battery Plant in Michigan

Michigan may attract at least seven makers of battery cells for electric cars in the next several years, Greg Main, head of the Michigan Economic Development Corp., told Bloomberg News this month. Four manufacturers are already part of a US$1.36-billion federal program to help set up new plants in the state, and companies from Texas and Germany and a German-South Korean alliance may also locate in Michigan, the state agency said.

The four battery projects for electric vehicles were approved for tax credits in April by the Michigan Economic Growth Authority and expect to create more than 6,600 jobs at facilities in Livonia, Holland, Midland and other undetermined locations.

LG Chem’s subsidiary Compact Power has provided batteries to General Motors. LG Chem said full-year sales may reach a record this year after reporting 83% growth in third-quarter net income. Operating profit, or sales minus costs, at the electronics division, which makes batteries, more than doubled.

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www.lgchem.com/