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Currently, LGPD is slated to go into force in February 2020, giving companies 18 months from its official passage to ensure compliance.
Marketing efforts aimed at finding a new occupier for the 700,000 square foot LGPD site have now proved successful, with the announcement that Quinn Radiators is to create a new European HQ at the facility - which could be extended by a further 300,000 square feet.
Following the closure of LGPD both empty facilities dominated the skyline of Newport - labelled as industrial white elephants and testament to the global shift in manufacturing towards Eastern Europe and the Far East.
Despite the major blow of LGPD's closure, latest figures from the WDA show encouraging levels of repeat investment.
After months of concern over the future of the LGPD tube operation, the Korean-Dutch joint venture announced to workers at 6.20am that the factory will close in August.
In 2001 the LG Electronics Wales plant entered into a joint venture with Philips, with the creation of LGPD.
However, LGPD European executives gave union leaders assurances that no closure would be considered for six months.
Mr Davies added, ``The Assembly Government is extremely disappointed to learn LGPD has begun the statutory 90-day consultation period on plans to close its Newport plant, making 870 employees redundant.
With the departure of LGPD an alternative user for that site will also be sought.
As for LG Electronics Wales, a joint venture with Dutch electronics giant Philips saw the creation of LG Philips Displays (LGPD) in 2001.
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