The city of Wuxi, Jiangsu province announced on Jan 12 that its National Hi-tech District has become home to the regional sales headquarters of LG Hausys, a subsidiary of South Korea's LG Group.
The manufacturing branch of LG Hausys in Wuxi was founded in 2011 and worth an investment volume of $67 million. It is engaged in the manufacturing of energy-saving building materials and decorative automotive materials. The newly settled regional sales headquarters is expected to yield an annual sales revenue of up to 1 billion yuan ($145 million).
Li Xiaomin, Party secretary of Wuxi, and Oh Jang Soo, president and CEO of LG Hausys, took part in the inaugural ceremony, where Li expressed his hopes that the new headquarters will be a model for Korea's overseas projects in Wuxi and facilitate greater cooperation with the LG Group.
Oh said he appreciates the support the Wuxi government has given, and the city's first class investment environment. He expects the project to lay a foundation for future cooperation in various fields.
In recent years, the Wuxi National Hi-tech District has been endeavoring to upgrade its foreign capital companies into regional headquarters. The sales headquarters project of LG Hausys in Wuxi is the company's first regional headquarters in China, as well as the first project that Wuxi has brought in from a Fortune Global 500 firm this year.
According to Wang Quan, mayor of Wuxi, the city's National Hi-tech District is home to nearly 200 South Korean enterprises and has current cooperation agreements with a number of South Korean industrial giants, such as SK Hynix, Hyundai, LG and LS.