BLOOMINGDALE, GEORGIA (AP) – The South Korean company PHA, which makes latches, hinges and other parts for vehicle doors and hoods, will become the sixth major supplier to locate near a Hyundai Motor Group plant being built in coastal Georgia.
PHA announced on Monday it would invest USD67 million at a site about 24 kilometres west of Savannah, with plans to hire 400 workers. The company already has a plant in Montgomery, Alabama, near the Hyundai facility in that city.
Hyundai said in May it would build a USD5.5 billion plant to assemble electric vehicles and batteries in Ellabell, Georgia. The site could grow to 8,100 employees and is slated to begin producing vehicles in 2025.
PHA said operations would begin in 2024.
Hyundai suppliers have now announced USD1.8 billion of investments in the region.
The state will pay to train workers, but the total incentive package from state and local governments wasn’t immediately clear yesterday. The local community will donate land for the plant, said spokesperson for the Savannah Economic Development Authority Angela Hendrix. She said Chatham County would abate property taxes for 15 years, saving the company a projected 60 per cent on taxes. Hendrix did not release a dollar value for the abatements.
PHA also could qualify for nearly USD8 million in state income tax credits, at USD4,000 per job over five years, as long as workers make at least USD31,300 a year.
Among other suppliers, Sewon Precision Industry Co plans a USD300 million metal stamping plant near Savannah, with 740 workers. Seoyon E-HWA plans a USD76 million plant near the city to make interior and exterior trim parts, hiring 730.
Hyundai Mobis announced a USD926 million powertrain plant in Richmond Hill, employing 1,500. Joon Georgia plans a USD317 million plant near Statesboro, employing 630, and Ecoplastic plans a USD205-million plant with 456 workers in Register.
