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SOURCE LG Electronics USA, Inc.
NJ Alliance for Action Award Celebrates Economic Impact in New Jersey of New LG North American Headquarters
ENGLEWOOD, N.J., May 1, 2014 /PRNewswire/ -- New Jersey Alliance for Action today honored LG Electronics with "New Jersey's Leading Infrastructure Projects" Award for the new LG North American headquarters under construction in Englewood Cliffs.
Presenting the 2014 award at the annual luncheon, Philip K. Beachem, President of the New Jersey Alliance for Action, commended LG on its $300 million investment in Englewood Cliffs, saying:
"We are delighted to honor this great project it sets a high standard for infrastructure projects in the state with its aspirations to be a LEED Platinum building, the largest such project in the Garden State. This is a great example of a world-class green corporate campus, which will also deliver much needed economic benefits to Englewood Cliffs, Bergen County and the State of New Jersey."
The "New Jersey's Leading Infrastructure Projects" awards program was created to recognize unique, innovative, pioneering and landmark infrastructure projects that greatly impact the state's economy, while also recognizing the businesses and organizations that work together as partners to ensure the project's success. The New Jersey Alliance for Action, a non-partisan coalition of over 2,500 business, labor, professional, academic and government leaders, is the state's most respected leading advocate for investment in infrastructure for New Jersey's economy, environment and overall quality of life.
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, the project is expected to bring more than $500 million to the State of New Jersey over a 20-year period. 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 William Cho, President and CEO of LG Electronics USA. "The New Jersey's Leading Infrastructure Project award reaffirms the support for the project and the benefits LG's new building will bring to the region now and for decades to come."
The Award from the Alliance for Action is the latest in a series of honors for the LG headquarters project, including the "Achievement in Planning Award" from the New Jersey Planning Officials Organization and the "Development Project of the Year Award" presented by the Economic Development Authority of New Jersey.
*The research was conducted in September 2013 by Biggins Lacy Shapiro & Company (BLS Strategies), independently confirmed by the New Jersey Economic Development Authority (NJEDA) and released by the Office of the Bergen County Executive.
About the NJ Alliance for Action
The New Jersey Alliance for Action is the state's most respected and influential association focusing on capital construction and economic growth opportunities within the region. The Alliance, a non-profit, non-partisan coalition of over 2,500 business, labor, professional, academic and government leaders continues to be a leading advocate for investment in infrastructure for New Jersey's economy, environment and overall quality of life. Since its creation in 1974, the Alliance has worked cooperatively with each New Jersey Governor, their Cabinet, elected representatives at the federal, state and local levels and its membership to provide for additional growth and employment opportunities within the State. The Alliance's record of accomplishments and successful initiatives spans four decades and is unparalled in breadth and scope. Included are major initiatives in securing funding, approvals and public support for major statewide and local projects. www.allianceforaction.com
About LG Electronics USA
LG Electronics USA, Inc., based in Englewood Cliffs, N.J., is the North American subsidiary of LG Electronics, Inc., a $52 billion global force and technology leader in consumer electronics, home appliances and mobile communications. LG Electronics, a proud 2014 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.
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