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MONTERREY, MEXICO-In early July, amid Mexico's post-election euphoria, LG Electronics celebrated the start of construction of a new $100 million appliance plant to manufacture refrigerators and air conditioners.
LG officials maintained that the plant's output would be earmarked for sale in Mexico and select South American markets, such as Columbia and Chile.
LG Electronics President and CFO Byung Chul Jung watched as LG Senior Executive Vice President Ssang Su Kim and Fernando de J. Canales Clariond, governor of the Mexican state of Nuevo Leon, set the LG logo into the primera piedra, the ceremonial first stone of the new appliance manufacturing plant.
The timing of the ceremony, just days after the Mexican presidential election in which Vincente Fox ousted...