Hanwha Azdel Inc. is investing $21.3 million to add another production line at its Lynchburg, Va., plant.
The company will also add 33 jobs, Virginia officials said in a Jan. 16 news release.
Hanwha Azdel, part of South Korea’s Hanwha Group, makes thermoplastic composites, typically through thermoforming. Its parts are used in interior and exterior parts for the auto, heavy truck, recreational vehicle and other industries.
The company has seen “significant growth” in the Virginia region, which prompted the expansion in Lynchburg, said Justin Keum, CEO of Hanwha Azdel. Lynchburg is also home to the firm’s North American headquarters.
State and local officials are providing a $350,000 grant to help with the project. The state will also provide assistance in recruiting and training new employees.