LT Precision Michigan, LLC will establish its North American headquarters in Holland, creating 70 new jobs in the production of cooling plates for electric vehicle batteries.
LANSING, Mich.—LT Precision Michigan, LLC, a subsidiary of the Korea-based LT Precision Co., LTD, is investing $43.2 million to initiate new manufacturing operations and establish its North American headquarters in the city of Holland, Michigan, according to a release from the Michigan Economic Development Corporation (MEDC).
The project supports the state’s work to position Michigan as the global leader in future mobility and vehicle electrification and will bring good-paying manufacturing jobs with a large and expanding electric vehicle auto supplier, the MEDC said in the release.
LT Precision Michigan is known for supplying battery cooling plates to electric vehicle (EV) manufacturers in the United States. The company produces components and machinery for electric and conventional vehicle markets. Its expertise spans design, development, and manufacturing of machinery parts, molds, welding and assembly machinery, and fixtures for Tier-1 and OEM automotive companies.
“LT Precision’s new North American headquarters in Holland will create 70 good-paying jobs and keep bringing the advanced manufacturing supply chain home to Michigan,” said Governor Gretchen Whitmer, in the release. “This investment will build on our strength as the destination for growing companies in the battery and future mobility sectors.”
According to the release, LT Precision is aiming to become a premier battery components manufacturer in the United States. A critical aspect of the company’s strategy is its commitment to significantly increase investments in the production of cylindrical and prismatic 2nd Battery cases within the country.
LT Precision is extending its manufacturing and sales operations into the United States In response to the escalating demand for electric vehicles, according to the MEDC. The company is actively seeking contracts with battery manufacturers to produce cooling plates for electric vehicle batteries. It is also establishing its North American headquarters in Holland, a strategic location that will serve as a central hub for its manufacturing and corporate offices.
The company’s inaugural U.S. project is projected to include a total investment of $43.2 million and is expected to create 70 new jobs in the production of cooling plates for EVs. This venture is supported by a $700,000 performance-based grant from the Michigan Business Development Program. Michigan was favored over potential sites in Indiana and Ohio due to the proximity to the company’s customers, the release said.
“The region’s advanced energy storage cluster continues to grow and thrive,” said Jennifer Owens, president of Lakeshore Advantage, in the release. “LT Precision’s decision to invest in West Michigan’s lakeshore region is a well-earned vote of confidence in our capabilities, talent pool, and business environment. Having LT Precision join our ecosystem will not only create good jobs and investment, but also enhance our cluster’s innovation, productivity, and competitiveness.”
The city of Holland has offered a property tax abatement in support of the project.
“The City of Holland is excited to welcome LT Precision’s first U.S. manufacturing plant,” said Mark Meyers, director of community and neighborhood services with the City of Holland, in the release. “The new facility is a great example of the economic spin-off created from existing manufacturers making business-to-business transactions. The capital investment, and more importantly job creation, is significant.”