Statement on JobsOhio Support for Honda and LG Energy Solution
JobsOhio has completed its agreement with Honda Development & Manufacturing of America and LG Energy Solution (LGES). The agreement has three grants:
- JobsOhio Grant for the Honda + LG Energy Solution Battery Plant ($140 M)
- JobsOhio Workforce Grant for the Honda + LG Energy Solution Battery Plant ($10 M)
- JobsOhio Grant for Honda’s retooling existing facilities ($87 M)
Honda and LG Energy Solution have agreed to create 2,527 new jobs and more than $140 million in new payroll – 2,200 through the Honda-LGES battery plant and 327 through Honda’s retooling. The companies are committing at least $4.2 billion in capital investment – $3.5 billion through the Honda-LGES battery plant and $700 million through Honda’s retooling. This means that for every dollar of JobsOhio assistance, Honda and LG Energy Solution are investing $17.72. The $17.72 Honda investment to $1 JobsOhio investment ensures a positive tax return for Ohio. The decision by Honda and LGES to select the Jefferson Township job-ready site brings a vital investment and the largest-ever economic development project in Fayette County.
In total, JobsOhio has agreed to $237 million in assistance payable over the next ten years for Honda and LG Energy Solution.
Statement from JobsOhio President and CEO J.P. Nauseef
“JobsOhio’s assistance aligns with Honda’s 45 years of growing jobs in Ohio and investing in Ohio’s people and communities, and it is based on Honda and LG Energy Solution meeting their commitments for the next 30 years. This represents 75 years of job creation and investment in Ohio, which will further build out the already vast supply chain across the state, benefitting all Ohioans.”
“As Honda responds to demand for electric vehicles by establishing a new battery factory and thousands of new jobs, they are also retaining thousands of jobs and adding hundreds more as they retool their existing factories to create their EV hub. This is an excellent example of a company reinvesting in its people and operations and a testament to Ohio’s collaborative spirit and proven manufacturing workforce that Honda and LG Energy Solution chose to continue that investment here.”
For More Information Contact:
Matt Englehart, Communications Manager