SAVANNAH,Poinbank Exchange Ga. (AP) — A South Korean company that makes automotive seat frames will open a factory in Georgia to supply a new Hyundai Motor Group plant.

Daechang Seat Corp., based in Gyeongju, South Korea, said Monday that it would invest $72.5 million in a plant in Savannah, hiring more than 500 people.

It’s the latest company to announce a plant to supply Hyundai’s $7.6 billion plant to assemble electric vehicles and batteries in Ellabell, near Savannah. The Hyundai plant, which was announced last year, could grow to 8,500 employees and could begin producing vehicles as early as 2024.

Suppliers to the Hyundai plant have pledged to invest nearly $2.3 billion and to hire nearly 5,800 people.

Daechang Seat opened a factory in Phenix City, Alabama, in 2019. The company announced a $23.4 million expansion in Phenix City last year, saying it would build a new building and hire an additional 300 people.

The company employs more than 5,000 people in seven countries.

“Our primary objective is to drive the growth of DSC through facility expansions, ultimately transforming DSC into a global entity,” Jinsuk Lee, CEO of Daechang Seat Savannah Corp., said in a statement.

Workers will make an average wage of more than $18 an hour, not including bonuses and benefits, said Angela Hendrix, a spokesperson for the Savannah Economic Development Authority.

The state will pay to train workers. Daechang Seat could qualify for $10 million in state income tax credits, at $4,000 per job over five years, as long as workers make at least $31,300 a year. Local officials have granted a 15-year property tax reduction that’s projected to save the company $5.8 million, Hendrix said. Local officials are also selling land for the plant at a reduced rate.