A South Korean company that makes latches, hinges and other parts for vehicle doors and hoods is planing to open a factory near Savannah
BLOOMINGDALE, Ga. -- The South Korean company PHA, which makes latches, hinges and other parts for vehicle doors and hoods, will become the sixth major supplier to locate near a Hyundai Motor Group plant being built in coastal Georgia. Checking Fixture
PHA announced Monday it would invest $67 million at a site about 15 miles (24 kilometers) west of Savannah, with plans to hire 400 workers. The company already has a plant in Montgomery, Alabama, near the Hyundai facility in that city.
Hyundai said in May it would build a $5.5 billion plant to assemble electric vehicles and batteries in Ellabell, Georgia. The site could grow to 8,100 employees and is slated to begin producing vehicles in 2025.
PHA said operations would begin in 2024.
Hyundai suppliers have now announced $1.8 billion of investments in the region.
The state will pay to train workers, but the total incentive package from state and local governments wasn’t immediately clear Tuesday.
The local community will donate land for the plant, said Angela Hendrix, a spokesperson for the Savannah Economic Development Authority. She said Chatham County would abate property taxes for 15 years, saving the company a projected 60% on taxes. Hendrix did not release a dollar value for the abatements.
PHA also could qualify for nearly $8 million in state income tax credits, at $4,000 per job over five years, as long as workers make at least $31,300 a year.
Among other suppliers, Sewon Precision Industry Co. plans a $300 million metal stamping plant near Savannah, with 740 workers. Seoyon E-HWA plans a $76 million plant near the city 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, and Ecoplastic plans a $205 million plant with 456 workers in Register.
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