West Virginia officials Wednesday welcomed an investment by LG, the international tech and electronics powerhouse.
The investment is described as a strategic initiative to grow new business ventures in West Virginia and advance the development of technologies for renewable energy, healthcare and industries of the future.
Gov. Jim Justice made the announcement along with other state and federal officials during a Wednesday afternoon gathering at the state Culture Center.
Earlier in the day, the state Department of Economic Development voted in favor of a resolution to support the LG project with $54 million.
As a part of the collaboration with the Economic Development department, LG NOVA plans to establish branch offices in Huntington, home of Marshall University, and Morgantown, home of West Virginia University.
LG is a multinational company making electronics, chemicals, household appliances and telecommunications products.
“First of all, we should be very, very appreciative. And grateful. I mean, LG could go anywhere. I mean, that’s always true. I mean, they’ve got the money. They’ve got the intelligence they can go anywhere on the globe,” Justice said.
Officials estimate 275 high-skilled jobs will result from the businesses, created by LG NOVA, LG Electronics’ North America Innovation Center.
The company says LG NOVA’s mission is to build, nurture and grow innovations that affect the future.
“LG is on a continual growth path to bring new value to its customers and partners; and build transformational businesses. We’re thankful for leaders like Gov. Justice and his team for welcoming us to West Virginia as true collaboration partners,” said LG Electronics Global CEO William Cho.
“LG is committed to building a better future, and through this initiative, we have great hopes for what we can accomplish in West Virginia to further deliver solutions that have impact on the world.”
State leaders said the initiative will spur the growth of new technologies, investments and economic development for companies and people in the area, establishing the start of an innovation corridor across the Appalachian Region.
Alongside LG’s jobs commitment, an investment fund is being created with plans to invest $700 million in West Virginia over the next five years to grow these businesses.
“This is another spotlight on the innovation and advancement occurring in the great state of West Virginia,” said Mitch Carmichael, secretary of the West Virginia Department of Economic Development.
