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South Korea-Based Hanwha Azdel Invests $21.3 Million To Upgrade Lynchburg, Virginia, Manufacturing Center

Area Development Online News Desk (01/17/2014)
Hanwha Azdel, Inc., a manufacturer of high-performance thermoplastic composites designed for both interior and exterior applications, will invest $21.3 million to add an additional production line and upgrade its Lynchburg, Virginia, manufacturing center. The facility, which plans to add 33 members to its workforce, produces Light-Weight Reinforced Thermoplastic composite.

Hanwha Azdel, Inc., headquartered in Lynchburg, serves a number of major economic segments including automotive, heavy truck, recreational vehicles, industrial and other transportation applications. Hanwha Azdel, Inc. is an affiliate of Hanwha Living & Creative Corporation, which is a company of South Korea-based Hanwha Group.

Justin Keum, CEO of Hanwha Azdel, Inc., commented, “Hanwha Azdel is proud to select Lynchburg, Virginia as the site for our next expansion. The overwhelming support we received from the Governor’s office and the City of Lynchburg, along with the skilled workforce and excellent standard of living in the Commonwealth, were key factors contributing to our decision. Hanwha Azdel has experienced significant growth and success in Virginia and we are confident that our decision to expand in the Commonwealth will continue to drive our growth and innovation.”

“I am so pleased that Hanwha Azdel, Inc. has chosen the City of Lynchburg to expand its thermoplastic composite operations,” said Lynchburg Economic Development Chair, Mike Lucado. “This investment in jobs and equipment further strengthens Lynchburg's position in the plastics industry. As Hanwha Azdel has shown its commitment to investment and growth, the Lynchburg Economic Development Authority is pleased to show our commitment to growing business, and we look forward to many more years of partnership."

“The expansion of this Virginia-headquartered company is a great win for the City of Lynchburg and for the Commonwealth,” said Gov. Terry McAuliffe. “Hanwha Azdel’s investment to add a new manufacturing line at this facility speaks volumes about its success and growing product demand, as well as the strength of our business environment and workforce here in Virginia.”

The Virginia Economic Development Partnership worked with the City of Lynchburg to secure the project for Virginia. Former Governor Bob McDonnell approved a $350,000 grant from the Governor’s Opportunity Fund to assist the City of Lynchburg with the project. The company may be eligible to receive benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development. Through its Virginia Jobs Investment Program, the Virginia Department of Business Assistance will provide funding and services to support the company’s recruitment and training activities.

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