LSIS Increases Overseas Sales by 40%

LSIS Co., Ltd. saw their overseas sales increase over two times in the last 3 years. The company welcomes the growing results from its efforts in overseas markets.

It recorded a 111 percent growth in overseas sales, the first increase for the past 3 years, hitting a total gross of US$600 million, which covers more than 40 percent of company sales. LSIS used to have only 20 percent of its sales from overseas until 2012. But it has since been growing the percentages by about 10 percent every year, which increases total sales as well.

According to a company official, CEO Koo Ja-kyun of LSIS has tried to reduce the company's dependence on the domestic electricity market by targeting the global market led by European countries, which has also strengthened its competitiveness in the local market. After taking office in 2008, Chairman Koo aimed to diversify the company's export market, which had been limited to Southeast Asia. He sought new market exploration into the Middle East, Africa, Europe, the Americas, the Commonwealth of Independent States (CIS), Russia, and Japan. In a bid to expand the company's market area, he continued surveying foreign markets and establishing a business strategy for localization.

The company plans to raise its annual sales amount to US$6 trillion in 2020 from the current US$2.3 trillion, improving technology and strengthening localization. The company will concentrate on the three following markets: smart grids in the Americas, solar energy in Japan, and electrical infrastructure in Central and South America.

In the Americas, where there is a strong call for replacing deteriorating electric equipment, the company will make an effort to gain a safety certification for its power storage system EnGather. And it plans to form a solution business, including solar modules, closing and opening devices, and transformers to win the Japanese market. To secure a bridgehead in Central and South America, LSIS is targeting Ecuador to become one of the major local companies, achieving top 3 local market share within 5 years.