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NEWPORT FACES THREAT TO PLANT

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Newport CBC and the Welsh Development Agency have dismissed reports that a£1.7 billion inward investment by Korean...
Newport CBC and the Welsh Development Agency have dismissed reports that a£1.7 billion inward investment by Korean company LG - the largest to date in the UK - has been postponed.

Newport economic development director Brian Adcock said the council was aware that the semiconductor firm was refinancing its investment. 'I saw the senior vice-president of LG Semicon last week and he assured me that the£1.1bn semiconductor plant was still scheduled for completion next summer,' he said.

A second£600 million electronics plant, which will eventually create 4,400 jobs, has already started production.

The council's financial involvement has been limited to buying land from a farmer to help provide LG with a site.
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