SOMERSET, N.J., Dec. 13, 2013 /PRNewswire/ -- The Economic Development Association of New Jersey (EDANJ) today honored LG Electronics with the "Development Project of the Year Award" for the new LG North American headquarters under construction in Englewood Cliffs.
Presenting the award here today at the EDANJ's annual economic development awards luncheon, Maggie Peters, Director of the Bergen Country Economic Development Corporation (BCEDC) and Board Director of the EDANJ, commended LG on its $300 million investment in Englewood Cliffs, saying:
"This project is a prime example of the kind of robust economic development our state needs. This world-class green building will deliver enormous economic benefits to Englewood Cliffs, Bergen County and the State of New Jersey."
The new LG North American headquarters, for which the company is receiving no government incentives, will allow LG to expand its workforce from 500 today to 1,200 by 2017 and 1,600 by 2020 and in the interim it will create thousands of construction jobs. According to an economic impact study* released by Bergen County officials in September, the project is expected to bring more than $500 million to the State of New Jersey over a 20-year period. In addition, LG's new headquarters will bring a total of $2.5 million in annual tax revenue to Englewood Cliffs, where the municipal budget is about $13.5 million.
"LG is extremely proud of this project, and we are enthusiastic to begin the construction process after years of planning and approvals," said Wayne Park, President and CEO of LG Electronics USA. "The Development Project of the Year award reaffirms the many benefits LG's new building will bring to the region now and for decades to come."
The EDANJ was formed in 1953 to promote a sound economy in the State of New Jersey and to provide an exchange of professional and technical information with respect to economic development. Complementing the presentation of the annual Economic Development Awards, The Development Project of the Year was established in 2013 to celebrate LG Electronics' investment in the region and will be awarded to other worthy projects in the region for years to come.
*The research was conducted by Biggins Lacy Shapiro & Company (BLS Strategies) and independently confirmed by the New Jersey Economic Development Authority (NJEDA).
About LG Electronics USA
LG Electronics USA, Inc., based in Englewood Cliffs, N.J., is the North American subsidiary of LG Electronics, Inc., a $45 billion global force and technology leader in consumer electronics, home appliances and mobile communications. LG Electronics, a proud 2013 ENERGY STAR Partner of the Year, sells a range of stylish and innovative home entertainment products, mobile phones, home appliances, commercial displays, air conditioning systems and solar energy solutions in the United States, all under LG's "Life's Good" marketing theme. For more information about LG Electronics, please visit www.lg.com. For more information about the North American headquarters building, please visit LGenglewoodcliffs.com.
SOURCE LG Electronics USA, Inc.