ENGLEWOOD CLIFFS, N.J., Nov. 14, 2013 /PRNewswire/ -- LG Electronics today celebrated the start of construction on its new $300 million environmentally-friendly North American headquarters project in Englewood Cliffs, N.J.
More than 300 supporters, including elected officials from New Jersey as well as neighbors, local businesses, union leaders and LG employees, gathered at 111 Sylvan Ave. – the future site of LG's new headquarters – for the official start of demolition, the first step in the construction process.
"LG has been a proud corporate citizen of Englewood Cliffs for the past 25 years and we are thrilled to take the first step today to build our new headquarters on a wonderful 27-acre property right here in our hometown," said Wayne Park, President and CEO of LG Electronics USA. "LG looks forward to bringing all the economic, environmental and educational benefits that this project offers to Englewood Cliffs, to Bergen County and to the State of New Jersey as quickly as possible."
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 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 – and will create hundreds of new constructions jobs and thousands of direct and indirect jobs as LG expands its workforce in the coming years.
LG plans to increase its employment in Englewood Cliffs from 500 today to 1,200 in 2017 and 1,600 by 2020 at the new corporate campus.
In addition to the economic benefits, LG's new headquarters will be a showcase for environmentally-friendly design as it seeks to achieve LEED Platinum – the highest LEED certification for green building. The company plans to transform the existing site by increasing the green space by more than 50 percent and planting more than 700 new trees – the first of which was planted during today's construction ceremony.
As a way to give back to the community, LG is also investing more than $2 million to create a Science & Environmental Learning Center where local school children will be able to learn about technology and sustainable living.
Speakers at the event included NJ State Senator and Deputy Majority Leader Paul Sarlo (D-36); Bergen County Executive Kathleen Donovan; Englewood Cliffs Mayor Joseph Parisi Jr.; Bergen County Freeholder Chairman David L. Ganz; President of the Bergen County Building and Construction Trades Council Rick Sabato; and Executive Director of the U.S. Green Building Council's New Jersey Chapter Florence Block, among others.
To learn more about LG's plans for its future North American headquarters, visit LGenglewoodcliffs.com
*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.