LG Electronics, one of the most traditional consumer electronics companies in the world due to its technological innovation and sales volume, ruled out that among its plans is the valuation of abandoning Mexico.
The company, with white goods and screen assembly plants in Mexico, assured that it will continue with its fifty-year history in the country, with a new investment of US$100 million in 2025 to double the production capacity of its Reynosa, Tamaulipas plant, which will now produce 6.5 million LG OLED televisions for export and domestic consumption.
LG Electronics, ranked among the top three manufacturers of displays and white goods in Mexico, generates a workforce of 6,700 direct jobs in the country, through four production plants and its corporate headquarters in the Valley of Mexico.
LG Electronics has even begun producing components for autonomous vehicles in Mexico’s Bajío region, a new business area that the company has entered in the last five years.
Speculation about LG’s exit from Mexico stemmed from U.S. government reports that the Asian company would move its production to U.S. territory. The White House also suggested that Honda and Samsung would move their production to the United States.
“LG Electronics is not leaving Mexico. Mexico is a strategic country for LG. At LG Electronics we reaffirm our firm commitment to Mexico, a country in which we have maintained a solid presence for more than 50 years, since our plant in Reynosa, Tamaulipas, opened in 1974,” the company said.
“We reiterate our confidence in Mexico and our firm commitment to continue growing and innovating together with our partners, collaborators and customers in this important market,” added LG.
Source: Mexico Now