GOVERNOR GLENN YOUNGKIN ANNOUNCES LS CABLE & SYSTEM LTD.’S $689 MILLION INVESTMENT IN CHESAPEAKE, VIRGINIA

01 Jan, 2026

Virginia leads in reshoring manufacturing and securing the critical supply chains that power and protect our country

RICHMOND, VA — Governor Glenn Youngkin announced that LS Cable & System Ltd. (“LS C&S”), a global leader in power and communication cable and system solutions, announced plans for a significant additional investment in Chesapeake, Virginia. Undertaken through three LS C&S subsidiaries, the $689 million project is expected to be the single largest capital investment in the history of the Hampton Roads region and create over 430 new jobs.

In addition to job creation, this project will create a new and growing domestic supply chain for magnetic copper wire and rare earth magnets that bypasses the monopoly of Chinese suppliers. This is a strategic investment by one of America’s most ardent allies to ensure reliable and consistent production of our national defense munitions. These products are used in America’s most advanced weapons systems like the Javelin missile, F-35 fighter jet, nuclear submarines and unmanned aerial systems (UAV). Alongside increased national security, this investment ensures Americans are able to benefit from the increased demand for these materials from the energy and manufacturing sectors. LS C&S’s new manufacturing complex, which will feature advanced manufacturing capabilities across three key business lines:

• Copper rod production utilizing copper recycling and smelting,
• Magnet wire manufacturing to support automotive and industrial markets, and
• Rare-earth magnet production, essential for electric motors and advanced weapons systems

“Thank you to LS Cable & System for choosing Virginia again. Today’s announcement demonstrates that Virginia is leading the nation in reshoring American manufacturing and securing the critical supply chains that power and protect our country,” said Governor Glenn Youngkin. “LS GreenLink has already brought hundreds of millions of dollars to Hampton Roads, and these three projects from LS Cable & System will build on that momentum. Now more than ever on the geopolitical stage, access to copper smelting and rare earth minerals tied to our targeting systems that our military uses need to be made here in this country. I’m proud that Virginia is partnering with LS C&S to strengthen American manufacturing, create great jobs, and build a stronger, more secure future for the Commonwealth and our nation.”

This investment builds on the previously announced first phase of LS GreenLink USA’s state-of-the-art cable manufacturing and pier facility project, which broke ground in April 2025. While separate from the LS GreenLink project, the new initiative expands the company’s overall presence in the United States and reinforces LS C&S’s long-term commitment to the Commonwealth of Virginia, the City of Chesapeake, and the Hampton Roads region. Together, these efforts strengthen U.S. energy infrastructure, enhance supply chain resilience, and support national security priorities.

Founded in 1962, LS Cable & System Ltd. is a global leader in power and communication cables and systems. With over 6,500 employees and 40 subsidiaries in 17 countries, LS Cable & System continues to drive innovation in energy transmission and distribution.

The Virginia Economic Development Partnership worked with the City of Chesapeake, the Hampton Roads Alliance, and The Port of Virginia to secure the project for Virginia. Governor Youngkin approved a $7.3 million grant from the Commonwealth’s Opportunity Fund to assist Chesapeake with the project. The Governor also approved a performance-based grant of $1.5 million from the Virginia Investment Performance Grant, an incentive that encourages continued capital investment by existing Virginia companies. The company is eligible to receive benefits from The Port of Virginia Economic and Infrastructure Development Zone Grant Program.

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