Good that the relationship with AUZ terminated.Fair bit of stink...

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Dyno

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11/02/21

20:41

Post #: 50912126
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Originally posted by Catstar: ↑

They will most likely appeal and settle out of court IF Biden doesn't intervene IMO

Agency rules company stole trade secrets, jeopardizing future of Ga. plant

The International Trade Commission ruled Wednesday that a South Korean company stole trade secrets from a rival, putting in jeopardy the company’s plans to manufacture electric vehicle batteries in a $2.6 billion Georgia factory.

While the decision is a setback, it’s not the final word on the dispute. The company, SK Innovation, can appeal Wednesday’s decision in federal court. It also could reach a financial settlement agreement with LG Energy Solution.

President Joe Biden also has 60 days to review the panel’s finding and could block the ruling.

The factory is one of thebiggest economic development projects in Georgia history. To win the project, the state provided $300 million in grants, free land and other incentives to SK Innovation.
While ruling that LG Energy Solution was correct in its accusations that SK Innovation stole its trade secrets, the commission said the company can make batteries in Georgia for one customer, Volkswagen, for two years. It can make batteries for Ford for another four years. Afterward, it must stop importing into Georgia the parts it needs to make those batteries. VW and Ford must find different suppliers in the meantime.

Credit: HYOSUB SHIN / AJC
State officials have warned that Georgia could lose thousands of jobs and billions of dollars in investments if the plant is forced to close.
Georgia could claw back some of the financial incentives it provided to SK, if a certain number of jobs are not created, Pat Wilson, commissioner of the Georgia Department of Economic Development, said in an emailed statement. Otherwise, the state is sticking by SK.

“We remain committed to SK and interested in the impact of the project on the state,” Wilson said.
Gov. Brian Kemp could not be reached for comment.
The ruling protects the economic investments that LG Energy Solution has made in the U.S., CEO Jong Hyun Kim said in a statement. LG filed the trade secrets complaint against SK in 2019.
SK’s “total disregard of our warnings and intellectual property rights gave us no choice but to file this case,” Kim said.
An SK spokesman could not be reached for comment.

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Good that the relationship with AUZ terminated.

Fair bit of stink coming from SK.

I think VW may terminate also. Last thing they want is another scandal.

Last edited by Dyno: 11/02/21

AUZ Price at posting: 2.5¢ Sentiment: None Disclosure: Held
4 Upvote

0 Great analysis

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