Rep. Royce and Rep. Ami Bera (CA-07) meeting with Chairman of CJ Group
Sohn Kyung-Shik (pictured center) in Seoul, South Korea.
Rep. Royce meeting with Chairman of SPC Group Hur Young-in (pictured center).
SEOUL, SOUTH KOREA – Today, U.S. Representative Ed Royce (R-CA) met with leaders from CJ Group and SPC Group to discuss expanding U.S. trade opportunities and establishing new partnerships in South Korea. After the meetings, Rep. Royce released the following statement applauding the announcement by both companies to expand investment in the United States—including facilities in Fullerton, California—over the next several years:
“I could not be more thrilled to see these thriving businesses invest resources, and most importantly, bringing jobs into the United States. The impact of CJ Group and SPC Group on the U.S. economy cannot be denied. As one of the first supporters of KORUS FTA, I’m proud of the positive impact that our economic alliance with these companies is having on the people of Southern California, and I know that success stories like these will continue to grow in local communities throughout the U.S.”
The announcement by CJ Group today included exploring the following investment opportunities through its U.S. subsidiaries over the next several years:
- Investment of approximately $5 million in 2018 to expand food manufacturing operations in its facility in Fullerton, California, which will lead to an estimated 30 new jobs.
- Investment over the next two years of approximately $90 million to construct a ready-meal manufacturing plant in Southern California that will lead to an estimated 200 new jobs by the end of 2018.
- Investment within the next three years in mergers and acquisitions in various industries throughout the United States and seeking opportunities to expand its existing businesses.
During the meeting with Rep. Royce, SPC Group Chairman Hur Young-in announced that the company is planning to increase the number of Paris Baguette stores in operation in the U.S. to 300 by 2020 creating up to 10,000 new jobs.