South Korean company Hanon Systems announced this week it will invest $170 million to establish a new manufacturing presence in Loudon.
Hanon Systems will invest nearly $170M to establish a new manufacturing presence in TN.
The company's Loudon County operation will house 600 new jobs and supply thermal solutions for electrified mobility to automakers serving the North America market. https://t.co/C3HGygVuUI pic.twitter.com/O2xEyaYCcD
— TNECD (@TNECD) August 1, 2023
Hanon Systems supplies thermal and energy management solutions for the automotive industry, including heating ventilation and air conditioning, powertrain cooling, compressor, fluid transport, and electronics and fluid pressure. The company employs more than 22,000 people across 21 countries.
The company’s newest investment project in the Volunteer State is expected to create approximately 600 jobs in Loudon County, according to the Tennessee Department of Economic and Community Development (TNECD).
“Thanks to Hanon Systems’ significant investment in our state, more than 6,000 Tennesseans will be employed by South Korean companies,” TNECD Commissioner Stuart C. McWhorter said in a statement. “We welcome Hanon Systems to Loudon County and believe Tennessee’s skilled workforce and pro-business climate will be the ideal match for this company’s success.”
Once operational, the company’s Loudon operations will supply thermal solutions for electrified mobility to automakers serving the North America market, TNECD notes.
Loudon County is very excited about an international company of Hanon Systems’ caliber locating here. The number and the quality of jobs they are bringing will improve the job market landscape not just locally but regionally,” Loudon County Mayor Buddy Bradshaw said in a statement. “They are bringing a nearly $170 million capital investment and a pay scale that will establish them quickly in the community. I am very excited and anxious to see this partnership flourish and look forward to all that Hanon Systems will bring to the Loudon County community.”
Hanon Systems’ investment in Tennessee comes weeks after the company announced its intent to create 160 new jobs and invest more than $40 million in a new manufacturing facility in Bulloch County, Georgia, as previously reported by The Georgia Star News.
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Kaitlin Housler is a reporter at The Tennessee Star and The Star News Network.
Photo “Hanon Systems” by TNECD.
And how much incentive ($$$$) did the taxpayers of Tennessee contribute to this?