LS Industrial Systems Co. (LSIS) will change its name to LS Electric Co. in an effort to strengthen its overseas business.
The name change will be put on the agenda of the regular general shareholders meeting slated for Feb. 24.
The name change reflects the company's intention to shake off its old image of a company engaged in traditional electricity business and present a new image of a smart energy solution company.
The name change also reflects company chairman Koo Ja-kyun's drive to explore the global market for its new businesses such as the smart energy solution business. The company plans to increase the share of overseas businesses in sales from the current 40 percent.
Since his inauguration as CEO of LSIS in 2009, Koo has emphasized the development of overseas markets. He plans to diversify export markets from Southeast Asia to the Middle East, Africa, Europe, America, Russia and Japan by strengthening localization marketing this year.