April 21, 2024

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[THE INVESTOR] LG Electronics will advance its planned operation of a washing machine plant under construction in Tennessee in the wake of the recent US imposition of new tariffs on imported goods, the company said on Jan. 25.

The company had planned to begin the operation of the US$250 million plant in early 2019. But it will advance the timing to the late third quarter or early fourth quarter of this year, the company told investors in a conference call.

The decision is seen as a move to cope with new US safeguard measures.

US President Donald Trump has signed a set of safeguard measures against imported large residential washing machines and solar cells, including those from Korea.

LG  said its 829,000-square-foot plant in Tennessee has an annual capacity of more than 1 million units of front- and top-loading washing machines.

By Song Seung-hynu and newswires (ssh@heraldcorp.com)