A company that stamps metal auto parts will invest $300 million to build a 740-employee plant near Savannah, becoming the fifth Hyundai Motor Group supplier to locate in the region. Sewon Precision Industry Co. said last week that it would locate its plant in Rincon, a Savannah suburb in Georgia’s Effingham County. Sewon already has a stamping plant in LaGrange, near the Kia plant in West Point and the Hyundai plant in Montgomery, Ala. The South Korean company expects to have 1,600 employees between the two plants once the Rincon factory is complete.
Hyundai said in May that it would build a $5.5 billion plant to assemble electric vehicles and batteries in Ellabell. That plant, which could grow to 8,100 employees, is supposed to begin producing vehicles in 2025.
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Hyundai suppliers have now announced $1.8 billion of investments in the region, which the state said is more than the $1 billion than it had projected. With last week’s announcement, suppliers are locating plants in all four of the local counties helping to subsidize the Hyundai plant.
The state will pay to train workers, but the total incentive package from state and local governments wasn’t immediately clear. Sewon could qualify for nearly $6.5 million in state income tax credits, at $1,750 per job over five years, as long as workers make at least $31,300 a year.
Ken Horton, the company’s human resources manager, said Sewon will provide “competitive pay rates,” but didn’t say how much workers would make.
Among other suppliers, Seoyon E-HWA plans a $76 million plant near Savannah to make interior and exterior trim parts, hiring 730. Hyundai Mobis announced a $926 million powertrain plant in Richmond Hill, employing 1,500. Joon Georgia plans a $317 million plant near Statesboro, employing 630. Ecoplastic plans a $205 million plant employing 456 in Register.
SOURCE: Arkansas Democrat Gazette