LS Industrial Systems has changed its name to LS Electric and will speed up the expansion of its global business. The company launched a global business division at the end of last year to push for expansion of its global business.
The company announced at the regular shareholders' meeting at LS Tower in Anyang, Gyeonggi Province on March 24 that LS Electric was finalized as the new company name.
"The proud name of LS Industrial Systems, which had been used during the company’s growth into a leading company in the fields of industrial power and automation, has completed its mission,” Koo said. “With the new name of LS Electric, we must make new history with a strong sense of responsibility and duty. Let’s take off to be a global electric power equipment company. He also urged company officials to recognize that overseas markets hold the key to the company’s growth and to pursue an evolution that goes beyond a revolutionary change.
This change of the company name was made mainly by Chairman Koo's strong will to strengthen global business and customer-oriented management. In order to strengthen the overseas business, the organization was changed to units by the Korean and overseas markets from units by businesses such as electric power, automation, and metals. Accordingly, LS Electric plans to actively diversify its export markets into the Middle East, Africa, Europe, the Americas, and Japan from Southeast Asia.
On top of that, LS Electric has decided to upgrade its business structure to become a smart energy company going beyond its image as an electric energy solution company. The company plans to lead the market by shifting its focus to solution platforms in devices such as the convergence of manufacturing technology, ICT, and Internet of Things (IoT) technology, Industry 4.0 solutions, and technology for smart transmission and distribution networks from equipment and devices.