LG Electronics started construction on its new $300 million environmentally-friendly North American headquarters project in Englewood Cliffs, New Jersey. The firm plans to increase its employment in Englewood Cliffs from 500 today to 1,200 in 2017 and 1,600 by 2020 at its new corporate campus.
"LG has been a proud corporate citizen of Englewood Cliffs for the past 25 years and we are thrilled to take the first step today to build our new headquarters on a wonderful 27-acre property right here in our hometown," said Wayne Park, President and CEO of LG Electronics USA. "LG looks forward to bringing all the economic, environmental and educational benefits that this project offers to Englewood Cliffs, to Bergen County and to the State of New Jersey as quickly as possible."
In addition to the economic benefits, LG's new headquarters will be a showcase for environmentally-friendly design as it seeks to achieve LEED Platinum certification for green building. The company plans to transform the existing site by increasing the green space by more than 50 percent and planting more than 700 new trees.
As a way to give back to the community, LG is also investing more than $2 million to create a Science and Environmental Learning Center where local school children will be able to learn about technology and sustainable living.
According to an economic impact study released by Bergen County officials in September, the project is expected to bring more than $500 million to the State of New Jersey over a 20-year period. In addition the firm said its new headquarters will bring a total of $2.5 million in annual tax revenue to Englewood Cliffs. In addition it will create hundreds of new constructions jobs and thousands of direct and indirect jobs as LG expands its workforce in the coming years.