QUEEN CREEK, AZ — Plans for LG Energy Solution's battery manufacturing plant in Queen Creek could be pushed further out while the company reevaluates its investment in the facility.
Recent reports said the South Korea-based company is reviewing the timing, size and details of its investment in Arizona due to rising costs caused by a worsening global economic environment, according to a report from Reuters [reuters.com] and other publications.
LG Energy Solution told the Phoenix Business Journal in an email that it is currently reviewing various investment options due to "unprecedented economic conditions." It also said no final decision has been made.
LGES also told Korea Bizwire [koreabizwire.com] that its plans have stalled as the amount of investment for the new plant "has swelled" amid global inflation and sharp depreciation of the Korean currency.
Read more of this story from the Business Journal.
