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Fox News is reporting that LG will be opening a new plant in Detroit:
LG Electronics said Tuesday it will spend $25 million to open a U.S. plant for manufacturing electric vehicle components.
The 250,000-square-foot building is located in Hazel Park, Michigan, a suburb of Detroit. When it opens next year, the plant will create at least 292 jobs in Hazel Park and an expanded research and development center in nearby Troy.
The Michigan government is providing a four-year, $2.9 million capital grant for the project.
[...] LG said vehicle components are the company's fastest-growing business. Auto-related revenue jumped 43% year-over-year to $1.5 billion during the first half of 2017, driven by LG's supplier agreement with General Motors (GM) for the new Chevrolet Bolt electric vehicle.
[...] In addition to the Michigan facility, LG expects to begin construction soon on a $250 million factory for washing machines in Clarksville, Tennessee. The production plant will create 600 new jobs by 2019, according to LG. The company is also building a new North American headquarters down the road from its current offices in Englewood Cliffs, N.J. The project will cost $300 million.
(Score: 2) by JoeMerchant on Sunday August 27 2017, @06:03PM (11 children)
Plot twist: both GM and LG are proxy-controlled by a Saudi oil family, looking to ensure the future of their power-base after the wells run dry.
🌻🌻 [google.com]
(Score: 0) by Anonymous Coward on Sunday August 27 2017, @06:48PM
> ...both GM and LG are proxy-controlled by a Saudi oil family...
What's your basis and timing for this prediction?
(Score: 1, Informative) by Anonymous Coward on Sunday August 27 2017, @07:14PM (4 children)
The Saudi soverign fund may have decent-size stakes in these companies, but they do not "control" these outfits. GM is GM. LG is one of them Korean "chaebols" - family-controlled mega conglomerate.
(Score: 4, Informative) by Whoever on Sunday August 27 2017, @07:51PM (3 children)
The Saudi sovereign wealth fund is looking rather sad these days.
https://www.alaraby.co.uk/english/news/2016/2/29/saudi-coffers-lose-14-billion-in-one-month [alaraby.co.uk]
(Score: 0) by Anonymous Coward on Monday August 28 2017, @12:00AM (1 child)
We should never have given this money to a bunch of Wahhabi dickheads. If Western companies hadn't put the infrastructure in to drill for oil, they wouldn't even be able to feed their own people. It would have been much better for the Saudi people and the rest of the world if we'd just invaded, colonised and instilled liberal values in the populace.
(Score: 0) by Anonymous Coward on Monday August 28 2017, @10:02AM
That's why we didn't make the same make twice in the case of Iraq.
(Score: 2) by TheRaven on Monday August 28 2017, @11:34AM
sudo mod me up
(Score: 0) by Anonymous Coward on Monday August 28 2017, @12:16AM (4 children)
A scenario that I've considered:
China gets tired of USA.gov's saber rattling WRT to North Korea (China's neighbor/buffer zone).
China cashes in all the T-Bills it holds.
With all of the USA dollars it now holds, China goes on a buying spree, gobbling up USA's remaining manufacturing sector/other companies.
China wins WWIII without firing a shot.
-- OriginalOwner_ [soylentnews.org]
(Score: 0) by Anonymous Coward on Monday August 28 2017, @01:42AM (3 children)
> China wins WWIII without firing a shot.
And then China has to figure out how to manage their new-bought industry. Since they are all about central control, their attempts at herding cats (USA companies) fail horribly. In the next act, the companies appear to fail (although the actual factories and equipment are the same), stock values drop way down and then USA money re-takes ownership for pennies on the dollar.
Isn't this how Wall Street whipsaws the rest of the world? It certainly happened with Japanese ownership of NY City real estate and there are probably many other examples.
(Score: 0) by Anonymous Coward on Monday August 28 2017, @03:34AM (2 children)
...but it's China that will own all of that stock.
If the intent was to disempower USA, then mission accomplished.
then USA money re-takes ownership
Get a copy of Oliver Stone's "Wall Street" and watch that.
(I would say "again", but it appears you haven't seen it yet.)
What China does then is sell off the pieces, bit by bit.
...to non-USAians.
-- OriginalOwner_ [soylentnews.org]
(Score: 0) by Anonymous Coward on Monday August 28 2017, @10:06AM (1 child)
Whoever owns the stock, the company is subject to US laws. I don't see any win "for China" in this scenario.
(Score: 0) by Anonymous Coward on Monday August 28 2017, @07:50PM
This is where you link to the law which prevents them from rejecting offers from some and selling to whom they choose.
Note: This is one of the things that some (incorrectly) call "Capitalism".
(It's actually "ownership", which can take multiple forms.)
-- OriginalOwner_ [soylentnews.org]