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*FOR IMMEDIATE RELEASE?*?

March 6, 2024?

Contact: [email protected]?

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*During East Asia Investment Mission, Gov. Whitmer Announces 70 New Jobs Coming to Holland by Korea-Based LT Precision?*?

"LT Precision Michigan, LLC will establish its North American headquarters in Holland, building on the state?s leadership in manufacturing and bringing supply chains home"?

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*LANSING, Mich.* ? As Governor Whitmer continues her East Asia investment mission with a visit to South Korea, she announced today that LT Precision Michigan, LLC is creating 70 new jobs and investing $43.2 million to initiate new manufacturing operations and establish its North American headquarters in Holland, further bringing supply chains home to Michigan.??

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?LT Precision?s new North American headquarters in Holland will create 70 good-paying jobs and keep bringing the advanced manufacturing supply chain home to Michigan,? said *Governor Whitmer*. ?This investment will build on our strength as the destination for growing companies in the battery and future mobility sectors. Let?s continue going everywhere and working with anyone to win projects and create high-skill, family sustaining jobs across Michigan.??

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LT Precision Michigan, LLC, a subsidiary of the Korea-based LT Precision Co., LTD, is renowned for supplying battery cooling plates to electric vehicle manufacturers in the United States. The company excels in producing components and machinery for both electric and conventional vehicle markets. It boasts expertise in designing, developing, and manufacturing machinery parts, molds, welding and assembly machinery, and fixtures for Tier 1 and Original Equipment Manufacturer (OEM) automotive companies.?

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A critical aspect of LT Precision's strategy is its commitment to significantly increase investments in the production of cylindrical and prismatic 2nd Battery cases within the U.S., aiming to become a premier battery components manufacturer in the country.?

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To cater to the escalating demand for electric vehicles, LT Precision is extending its manufacturing and sales operations into the United States. The company is actively seeking contracts with battery manufacturers to produce cooling plates for electric vehicle batteries and is establishing its North American headquarters in Holland. This strategic location will serve as a central hub for its manufacturing and corporate offices.?

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The company's inaugural U.S. project is projected to include a total investment of $43.2 million and will create 70 new jobs in the production of cooling plates for EVs. This venture is supported by a $700,000 performance-based grant from the Michigan Business Development Program. Michigan was favored over potential sites in Indiana and Ohio due to the proximity to the company?s customers.??

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This project supports the state?s work to position Michigan as the global leader in future mobility and vehicle electrification and will bring good-paying manufacturing jobs with a large and expanding electric vehicle auto supplier.??

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The city of Holland has offered a property tax abatement in support of the project.??

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?The City of Holland is excited to welcome LT Precision?s first U.S. manufacturing plant,? said *Mark Meyers, director of community and neighborhood services with the City of Holland*. ?The new facility is a great example of the economic spin-off created from existing manufacturers making business-to-business transactions. The capital investment, and more importantly job creation, is significant.??

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?"The region's advanced energy storage cluster continues to grow and thrive,? said *Jennifer Owens, president of Lakeshore Advantage*. ?LT Precision?s decision to invest in West Michigan?s lakeshore region is a well-earned vote of confidence in our capabilities, talent pool, and business environment. Having LT Precision join our ecosystem will not only create good jobs and investment, but also enhance our cluster's innovation, productivity, and competitiveness. We look forward to welcoming LT Precision to the community.??

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Those interested in career opportunities at LT Precision can contact the company?s representative, Mr. Kim Sung Jin <[email protected]>, at [email protected]???

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