South Korean manufacturing company LS Cable & System Ltd. plans to build a $689 million complex in Chesapeake that would employ more than 430 people.
The complex, funded by three of the company's subsidiaries, will manufacture copper rods, magnetic wires and rare earth magnetics. At a press event Dec. 12, officials said they expect it to be operational in 2027.
It will be the company’s second major investment in Hampton Roads.
LS GreenLink, the company’s American subsidiary, announced in July 2024 a $680 million subsea cable factory in Chesapeake and broke ground in April 2025.
“The LS GreenLink project has been a major commitment for LS C&S, and this new investment builds directly on that foundation,” said LS Cable & System Regional President of North America Gisu Kim in the press release announcing the initiative.
The LS Greenlink factory and the just-announced manufacturing complex are the biggest capital investments in Hampton Roads history. Though separate projects, state and local officials say they build momentum towards regional economic growth.
“It continues to put Hampton Roads on the map within those industries that are really important to us,” said Douglas Smith, President and CEO of the Hampton Roads Alliance. Those industries are defense, energy and logistics, he added, ones the Alliance has tagged as growth areas for the region’s future economic development.
Copper rods that the complex will produce are used in power grids. Magnetic wires are used in electric vehicles, and rare earth magnetics are essential components in advanced weapons systems, like Javelin missiles, F-35 fighter jets, nuclear submarines and unmanned aerial systems.
Manufacturing these products domestically will decrease reliance on Chinese suppliers, increase national security and strengthen energy infrastructure, the press release stated.
“Now more than ever on the geopolitical stage, access to copper smelting and rare earth minerals tied to our targeting systems that our military uses need to be made here in this country,” Gov. Glenn Youngkin said in the press release.
The rare earth minerals needed to produce the magnets will come from Australia, not China, Smith noted.
The project will generate tax revenue for the city of Chesapeake and hundreds of jobs, Smith said. Indirectly, the project could encourage other overseas companies to set up shop in the region.
South Korea agreed in August to invest $350 billion in the United States as part of a deal to cut tariffs on Korean goods, according to media reports.
Smith said he hopes more South Korean companies consider Hampton Roads. That LS Cable & System chose Chesapeake a second time for a major project is a good look for the region, he said.
“It is a validation of confidence in our region, and in the city of Chesapeake in particular, that we can provide the workforce to support a project like this,” he said.
