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posted by martyb on Sunday August 27 2017, @03:23PM   Printer-friendly
from the subsidised-jobs dept.

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.


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  • (Score: 2) by iwoloschin on Sunday August 27 2017, @03:37PM (6 children)

    by iwoloschin (3863) on Sunday August 27 2017, @03:37PM (#559862)

    I'm actually a little disappointed that realDonaldTrump didn't claim responsibility for this. Is something wrong? Is he too busy issuing crazy pardons?

    • (Score: 1, Informative) by Anonymous Coward on Sunday August 27 2017, @04:50PM

      by Anonymous Coward on Sunday August 27 2017, @04:50PM (#559871)

      Check the original sub - he didn't come out and say it, but it was heavily implied :)

      Talk about state propaganda xD

    • (Score: 5, Insightful) by JoeMerchant on Sunday August 27 2017, @05:57PM (4 children)

      by JoeMerchant (3937) on Sunday August 27 2017, @05:57PM (#559884)

      Clearly, this is how we're MA GA - big government giveaways to foreign corporations so they can locate their low paying jobs in our slums, selling the product to us and taking the profits overseas.

      --
      🌻🌻 [google.com]
      • (Score: 0) by Anonymous Coward on Sunday August 27 2017, @09:33PM (3 children)

        by Anonymous Coward on Sunday August 27 2017, @09:33PM (#559925)

        I was gonna write a thought out rebuttal to your calling Detroit a slum, but nah read the sub

        • (Score: 0, Troll) by Ethanol-fueled on Monday August 28 2017, @12:12AM (1 child)

          by Ethanol-fueled (2792) on Monday August 28 2017, @12:12AM (#559970) Homepage

          This is a good thing in the longer term, even if it is expensive in the short-term. Wanna know why? Because it will give Democratic criminal Blacks jobs, money, and respect such that they will eventually turn away from their lives of crime to voting republican if not just voting for Trump in 2020.

          • (Score: 4, Funny) by JoeMerchant on Monday August 28 2017, @01:29AM

            by JoeMerchant (3937) on Monday August 28 2017, @01:29AM (#559990)

            Not everyone with a job votes Republican, only those who are afraid to walk downtown after dark.

            --
            🌻🌻 [google.com]
        • (Score: 2) by JoeMerchant on Monday August 28 2017, @01:37AM

          by JoeMerchant (3937) on Monday August 28 2017, @01:37AM (#559996)

          Hazel Park: 80% white, 11% over 65, median income $46K, clearly the LG execs want to feel safe when they visit the plant - doesn't mean they can't pull labor from the lower income surrounding neighborhoods.

          --
          🌻🌻 [google.com]
  • (Score: 3, Funny) by frojack on Sunday August 27 2017, @03:52PM (4 children)

    by frojack (1554) on Sunday August 27 2017, @03:52PM (#559863) Journal

    The Michigan government is providing a four-year, $2.9 million capital grant for the project.

    2.9 million over 4 years is hardly enough to pay for the permit filing fees, let alone property taxes. And not anywhere near enough to line the pockets of public servants. On the scale of Korean bribes, its insulting.

    Silly Republican government in that state just doesn't understand how to do business.

    --
    No, you are mistaken. I've always had this sig.
    • (Score: -1, Offtopic) by Anonymous Coward on Sunday August 27 2017, @04:44PM

      by Anonymous Coward on Sunday August 27 2017, @04:44PM (#559869)

      I did a big jobbie in the toilet this morning. #JOBS

    • (Score: 2) by driverless on Monday August 28 2017, @12:00AM (2 children)

      by driverless (4770) on Monday August 28 2017, @12:00AM (#559956)

      I'm also puzzled about LG's overall strategy here. The obvious process would be to find out the minimum amount of work that's required in order to claim "Made in USA", let's say it's "tightening the screws on the cover", then find a location that has the best combination of easy access to shipping routes from Korea or China + best state subsidies for new plants, and then set up your screw-tightening factory there. So you get state subsidies and get to slap "Made in USA" on your product rather than "Made in China" and overall it's a big win, as long as you're LG or Samsung or a Chinese vendor.

      • (Score: 0) by Anonymous Coward on Monday August 28 2017, @01:34AM (1 child)

        by Anonymous Coward on Monday August 28 2017, @01:34AM (#559995)

        Don't know the actual legal requirements, but I think your example would allow an "Assembled in USA" label and should not say "Made in USA".

        • (Score: 2) by driverless on Monday August 28 2017, @05:24AM

          by driverless (4770) on Monday August 28 2017, @05:24AM (#560062)

          Sure, what I meant was find the minimal requirements that gets you what you want and go with that. An easy one would be, for example, if 50% by weight of the item has to be made in the US then you ship in your Samsung washing machines without the concrete base, pour in the concrete that makes up most of the weight in the US, and claim "Made in USA" based on that. Or whatever it takes to comply with the letter but not the spirit of the regulations.

  • (Score: 2) by RamiK on Sunday August 27 2017, @05:35PM (16 children)

    by RamiK (1813) on Sunday August 27 2017, @05:35PM (#559880)

    Comes Korea's LG to hire 300 in order to build electric vehicle components to sell to... GM.

    --
    compiling...
    • (Score: 2) by JoeMerchant on Sunday August 27 2017, @06:00PM (3 children)

      by JoeMerchant (3937) on Sunday August 27 2017, @06:00PM (#559886)

      I worked for a startup that built a product that includes an MRI. After they got their initial big investment, the investors relocated the company headquarters to be directly in the town of a major MRI development company - simply to make it easier/cheaper to poach talent without making them relocate.

      When God closes a door, he opens a window? So, when GM closes a plant, LG opens a smaller one to hire anyone worth a damn who just got laid off. The other 200 were probably entrenched Wallys.

      --
      🌻🌻 [google.com]
      • (Score: 2, Funny) by Anonymous Coward on Sunday August 27 2017, @06:38PM (1 child)

        by Anonymous Coward on Sunday August 27 2017, @06:38PM (#559892)

        When God closes a door, he opens a window

        But, I live in a high-rise :(

        • (Score: 0) by Anonymous Coward on Monday August 28 2017, @10:00AM

          by Anonymous Coward on Monday August 28 2017, @10:00AM (#560126)

          When you die jumping out your hi-rise window, we'll offer thoughts and prayers to God.

      • (Score: 0) by Anonymous Coward on Sunday August 27 2017, @11:57PM

        by Anonymous Coward on Sunday August 27 2017, @11:57PM (#559955)

        Hey! I resemble that remark! [dilbert.com]

        -- OriginalOwner_ [soylentnews.org]

    • (Score: 2) by JoeMerchant on Sunday August 27 2017, @06:03PM (11 children)

      by JoeMerchant (3937) on Sunday August 27 2017, @06:03PM (#559887)

      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

        by Anonymous Coward on Sunday August 27 2017, @06:48PM (#559894)

        > ...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)

        by Anonymous Coward on Sunday August 27 2017, @07:14PM (#559899)

        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)

          by Whoever (4524) on Sunday August 27 2017, @07:51PM (#559905) Journal

          The Saudi sovereign wealth fund is looking rather sad these days.

          The Saudi sovereign wealth fund has also been bleeding steadily since its value hit a peak of $737 billion in 2014, amid collapsing oil prices that have since slumped by nearly 70 percent.

          In July 2015, the declared value of the fund's assets was $661 billion, after the kingdom began to tap into the fund to plug the gap in its growing deficit.

          Saudi Arabia faces years of tough austerity as the worst oil price crash in the modern history forces the kingdom to make radical cuts to government largesse, the International Monetary Fund warned recently.

          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)

            by Anonymous Coward on Monday August 28 2017, @12:00AM (#559957)

            The Saudi sovereign wealth fund is looking rather sad these days.

            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

              by Anonymous Coward on Monday August 28 2017, @10:02AM (#560128)

              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

            by TheRaven (270) on Monday August 28 2017, @11:34AM (#560163) Journal
            It must be sad to be worth only $661 billion, but I wouldn't mind trying it...
            --
            sudo mod me up
      • (Score: 0) by Anonymous Coward on Monday August 28 2017, @12:16AM (4 children)

        by Anonymous Coward on Monday August 28 2017, @12:16AM (#559971)

        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)

          by Anonymous Coward on Monday August 28 2017, @01:42AM (#559998)

          > 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)

            by Anonymous Coward on Monday August 28 2017, @03:34AM (#560036)

            ...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)

              by Anonymous Coward on Monday August 28 2017, @10:06AM (#560132)

              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

                by Anonymous Coward on Monday August 28 2017, @07:50PM (#560448)

                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]

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