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View Full Version : The Empty Suit attends factory opening; for Korean company!


renaissance_warrior
July 12, 2010, 20:05
This just keeps getting weirder and weirder. This company also recieved $170 MILLION in STIMULUS MONEY!

Obama to Attend Groundbreaking for LG Chem Plant in U.S.

U.S. President Barack Obama will attend a groundbreaking ceremony on Thursday for an LG Chem plant in Holland, Michigan, the company said Sunday. It is very unusual for an incumbent U.S. president to appear at such an event for a foreign company, and it is the first time for a Korean firm.

LG is investing US$300 million to build the plant which will produce batteries for electric vehicles. First-phase commercial production is scheduled to begin in the first half of 2012, and once completed in 2013 the plant will churn out lithium ion cells for 200,000 hybrid cars annually.

Experts say that Obama's decision to attend the event stems from the U.S. government's efforts to boost the industry for next-generation vehicles and batteries there. In his first speech to a joint session of Congress last year, Obama said, "New plug-in hybrids roll off our assembly lines, but they will run on batteries made in Korea."

He was apparently referring to LG Chem, which at the time had just signed a deal with GM to supply lithium ion cells for the Chevrolet Volt hybrid car. Dealt a heavy blow by the financial crisis, GM is pinning its hopes for recovery on the Volt. Ford, the No. 2 carmaker in the U.S., is also reportedly considering LG as a supplier for hybrid car batteries.

As part of efforts to revive the auto industry by bringing more green vehicles to the road, the U.S. government has lent considerable support to LG's Holland plant, including $151 million from a federal stimulus program. The Michigan state government also offered tax cuts worth $130 million, which together with the stimulus funds will almost offset LG's entire construction costs. The plant will help ease unemployment in the state by creating some 400 jobs, U.S. media reported

JohnnyMac
July 12, 2010, 20:23
No doubt they'll do what Dominion Semi-Conductor did in Virginia. Build a state-of-the-art facility (with generous assistance from Virginia and the Feds), perfect the manufacturing process for said technolgy... then move the production facility, lock, stock and barrel, to a low-cost labor, environmentally-lax Asian country.

The Koreans must have a good laugh over their soju and kimchi thinking about how we gratefully pay for their R&D.

JMc

RG Coburn
July 12, 2010, 21:42
Usually,to beguile companies into investing in union infested Michigan,the state govt. promises no property taxes for X number years.

FAL freek
July 13, 2010, 17:02
And why not? Poll numbers are sagging and he thinks it will give him a boost. Not to mention more face time to brag about how his economics are creating jobs in America.Originally posted by RG Coburn
Usually,to beguile companies into investing in union infested Michigan,the state govt. promises no property taxes for X number years. That's done in many a state. Union friendly or not.

Brett
July 13, 2010, 20:05
281 million for 400 jobs with corporate profits going to Korea and workers earned income going to China through Wal Mart. We have become a money printing transfer agent that is losing it's self respect through politics.