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Korean-Canadian JV LG Magna to set up first European plant in Hungary

The joint venture set up by South Korea's LG and Canada's Magna will establish its first plant in Europe in the city of Miskolc, in northern Hungary, the minister of foreign affairs and trade announced on Sunday.

LG Magna is investing 20 billion forints (EUR 51.9m) in the plant which will create 200 jobs, Peter Szijjarto said in a video posted on Facebook. The Hungarian government has supported the investment with 6 billion forints, he added.

The plant will produce electric car appliances and parts, electric engine components, onboard chargers and invertors, the minister said.

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