Via Partnerships
LS Industrial Systems Co. (LSIS), South Korea's leading electric components maker, has entered the electric solution market in the U.S.
In the Korea-U.S. Advanced Manufacturing Innovation Forum hosted by the Korea Institute for Advancement of Technology (KIAT) at the Westin Alexandria in Washington D.C. on June 16, the company signed a memorandum of understanding (MOU) with Switchboard Apparatus Inc. (SAI), to forge a partnership in the electric solution business in the U.S.
Established in 1907, SAI is a mid-sized switchboard manufacturer with annual sales of US$30 million (33.57 billion won). The company co-developed a switchboard that is suitable for the American National Standards Institute with LSIS last year. Under the agreement, SAI will produce end products using the key switchboard components provided by LSIS.
In particular, they will join efforts for sales and marketing, which both firms hope will maximize the outcome based on market development and long-running partnerships.
Also, LSIS plans to cooperate with SAI to export its key smart grid technology, in which the company is the most advanced in the nation, to the U.S. market.
LSIS Vice President Lee Hak-sung said, “The U.S. switchboard market, estimated at US$50 billion [55.95 trillion won] in 2013, is forecast to grow to US$83 billion [92.87 trillion won] by 2020, as a cycle for new installments will likely spur demand due to obsolete equipment. We are confident that both companies will grow together through an advanced form of our partnership in the technical development and operation sectors.”
SAI CEO Brad Bell said, “We are happy to become a partner with LSIS, which has global competitiveness. Starting with the switchboard sector, both companies will work together to raise our share in the electric solution market in the U.S.”