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Obama Announces New L.A.-Based Mfg. Hub

The Smart Manufacturing Leadership Coalition received $70 million to develop new industrial technologies and applications.

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WASHINGTON (AP) — President Barack Obama is announcing that a Los Angeles-based team will create a new manufacturing hub focused on "smart manufacturing." It will be the ninth of 15 such hubs Obama wants to create. He's making the announcement Monday during remarks to global business leaders meeting in Washington.

The Smart Manufacturing Leadership Coalition in Los Angeles received $70 million from the U.S. government to develop technologies that reduce waste, save energy and streamline the manufacturing process. The White House says the winning team of more than 200 partners has matched the federal grant.

During a week focused on innovation, Obama will also attend a global entrepreneurship summit at Stanford University later this week. He's participating in a panel discussion with Facebook founder and CEO Mark Zuckerberg and three yet-to-be named entrepreneurs.

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