CHESAPEAKE, Va. — A company based in South Korea is making a record-breaking investment to build a manufacturing complex in Hampton Roads, creating hundreds of jobs, Gov. Glenn Youngkin announced Friday.
LS Cable & System will spend $689 million towards this effort to boost manufacturing in Chesapeake. The project is expected to create more than 430 jobs while producing materials for American weapons such as Javelin missiles and F-35 fighter jets.
"The largest economic development in Chesapeake and Hampton Roads, particularly for a manufacturing site and we thought it couldn't get any better," Youngkin said.
Specifically, the facilities will make copper rods, magnet wire and rare earth magnets in an attempt to bypass "the monopoly of Chinese Suppliers," according to a release put out by Youngkin's office.
Watch related coverage: LS Greenlink breaks ground on new Chesapeake manufacturing facility
Earlier this year, LS Cable & System broke ground in Chesapeake on its LS Greenlink facility, which is set to span more than 750,000 square feet and feature a tower over 600 feet tall. The Greenlink facility is expected to be completed in 2027. The investment announced Friday is separate from the Greenlink project.
