# LGMG to invest $5 billion in Nuevo Leon, Mexico

Lingong Machinery Group (LGMG) signed a memorandum of understanding with the government of Nuevo Leon to invest $5 billion in the state, creating 7,000 jobs. The project includes a new plant for articulated electric elevators, an industrial park, and will be implemented in three phases starting with land acquisition in October 2023, with first phase completion in July 2024.

- Type: Investment
- Announced: 2023-10-17
- Where: Nuevo Leon, Mexico
- Value: $5.00B
- Jobs: 7,000
- Starts operating: Jul 2024
- Status: announced
- Products: articulated electric elevators, heavy construction machinery
- Sectors: [Industrial Machinery](https://endata.com/sectors/industrial-machinery.md)

## Companies

- [Lingong Machinery Group](https://endata.com/companies/63817.md)

## Sources

- [mexicobusiness.news](https://mexicobusiness.news/infrastructure/news/lgmg-invest-us5-billion-nuevo-leon), 2023-10-17: "LGMG and the government of Nuevo Leon signed a memorandum of understanding, agreeing that the company will support an entire supply chain related to elevator construction, machinery and equipment."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.