A company that stamps metal auto parts will invest $300 million to build a 740-employee plant near Savannah, becoming the fifth Hyundai Motor Group supplier to locate in the region.
Sewon Precision Industry Co. said Tuesday that it would locate its plant in Rincon, a Savannah suburb in Georgia’s Effingham County. Sewon already has a stamping plant in LaGrange, near the Kia plant in West Point and the Hyundai plant in Montgomery, Alabama. The South Korean company expects to have 1,600 employees between the two plants once the Rincon factory is complete.
Hyundai said in May that it would build a $5.5 billion plant to assemble electric vehicles and batteries in Ellabell. That plant, which could grow to 8,100 employees, is supposed to begin producing vehicles in 2025.
Hyundai suppliers have now announced $1.8 billion of investments in the region, which the state said is more than the $1 billion than it had projected. With Tuesday’s announcement, suppliers are locating plants in all four of the local counties helping to subsidize the Hyundai plant
The state will pay to train workers, but the total incentive package from state and local governments wasn’t immediately clear Tuesday. Sewon could qualify for nearly $6.5 million in state income tax credits, at $1,750 per job over five years, as long as workers make at least $31,300 a year.
