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Tuesday, 11 April 2017

LG to inject USD 130 mn in new investments in Egypt

LG Egypt plans to invest USD 130 mn in Egypt, Managing Director Don Kwack told Investment and International Cooperation Minister Sahar Nasr, according to an e-mailed statement. Expansion plans include its new washer machine line which is set to launch end of May to manufacture 100k machines per year, Kwack says. LG intends to establish assembly lines for ACs and fridges, with plans to fully manufacture in Egypt. The company acquired a new 207k sqm land plot in 10th of Ramadan for the factory.

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