Hanon Systems, a South Korea-based automotive thermal and energy management solutions supplier, has announced plans to invest $170m (Won222.19bn) to open its fourth factory in Loudon County in the US state of Tennessee. The new facility aims to supply its thermal products to automakers throughout North America. The project will create 600 jobs.

Of the project, Tennessee governor Bill Lee said: “Tennessee is at the centre of the automotive industry, and Hanon Systems’ decision to invest nearly $170m in Loudon County is a testament to Tennessee’s unmatched business climate, thriving economy and highly skilled workforce. I thank Hanon Systems for creating 600 new jobs that will create tremendous opportunity for Tennesseans across the region.”

Hanon Systems was formed in 1986 as a traditional automotive climate supplier but is now a full-line thermal and energy management solutions provider. It has global operations spanning Brazil, Bulgaria, Canada, China, Czech Republic, France, Germany, Hungary, India, Italy, Japan, Mexico, the Netherlands, Portugal, Slovakia, South Africa, South Korea, Thailand, Türkiye, the UK and the US.

Loudon County is located in the east of Tennessee and has a population of just over 50,000. In July, Magna International announced that it would invest $790m in three Tennessee facilities, while other recent investments into the state have come from Tritium and Kordsa.

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By GlobalData