LS Cable & System Ltd. to spend $689 million to build new factory in Virginia

LS Cable & System Ltd., a Korean power and communications cable manufacturer, announced December 12 that it would build a new factory in Chesapeake, Virginia. The $689 million factory will create 430 new jobs, according to a release from the Virginia governor’s office, and increase domestic production of magnetic copper wire and rare earth magnets.

The announcement comes eight months after LS Greenlink, a subsidiary of LS Cable & System, said it would build a $681 undersea power cable factory in the same city.

The newly announced factory will be run by three LS Cable & System subsidiaries and run three manufacturing lines: Recycling and smelting copper into wire, magnet wire manufacturing and rare-earth magnet production for electric motors. According to a statement from the Virginia governor’s office, the last of these will support defense production of Javelin missiles, F-35 fighter jets, nuclear submarines and drones.

Virginia helped attract the project with a $7.3 million grant from the Commonwealth Opportunity Fund and a performance-based $1.5 million grant from the Virginia Investment Performance Grant. The Virginia Talent Accelerator Program will assist with training and recruitment services.

What people are saying

“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. By continuing partnerships with the Commonwealth of Virginia, the City of Chesapeake, and the Hampton Roads region, we’re creating opportunities for the local community while helping to ensure secure, reliable infrastructure that supports national security and the nation’s energy future.”

“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 Gov. 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. Now more than ever on the geopolitical stage, access to copper smelting and rare earth minerals tied to our targeting systems that our military uses need to be made here in this country. I’m proud that Virginia is partnering with LS C&S to strengthen American manufacturing, create great jobs, and build a stronger, more secure future for the Commonwealth and our nation.”

“Today’s announcement marks a major milestone for Chesapeake, the Commonwealth, and the nation in advancing domestic manufacturing,” said Chesapeake Mayor Rick West. “The decision by LS Cable & System to build its new facilities in our community demonstrates the confidence they have not only in Chesapeake’s talented workforce and strong business environment, but also in our commitment to helping businesses succeed here. This investment is LS Cable’s second major project in Chesapeake and elevates our city’s status as a leader in the nation’s clean energy and electrification future, bringing $689 million in new investment and more than 400 high-paying jobs. We value LS Cable’s ongoing partnership and friendship with the City of Chesapeake, and we look forward to building on that relationship in the years ahead.” 

Manufacturers investing in Virginia

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The North Carolina-based construction manufacturer said the expansion would create

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The packaging startup, founded this year, aims to start manufacturing stretch wrap next month.

Investing in American manufacturing in 2025 

This map shows where manufacturers are choosing to invest their resources, whether they are building new production facilities or expanding existing plants.