South Korean injection molder LS Automotive Technologies Co. Ltd. has opened a $60.8 million plant in Guadalupe, Mexico, where it will manufacture electronic components for the automotive industry.
According to an April 9 news release, from the state of Nuevo León, LS will initially employ 100 blue collar workers at the facility. That will triple by the end of the year and reach 1,000 within five years, the government release added.
"I'm certain that LS Automotive in Mexico will achieve annual sales of $200 million by 2022," LS CEO Lee Cheol-Woo said during an opening ceremony event at the plant, according to the company.
Headquartered in Ansan, South Korea, LS manufactures six dozen different automotive industry components, including interior switches, touch interior lamps, overhead console lamps, electric seat modules and sensors.
It reported sales of $770.1 million in 2017, a 3.8 percent drop from the $800.2 million generated in 2016. The website did not mention size of the investment or details about processes it will have at the site.