LS Cable Co., Ltd. (CEO Koo Ja-Yol) decided to change its name to LS Cable & Systems in order to target the global market and expand its business areas based on innovation.
On the 24th, the company announced that the manufacturer voted in its 3rd general shareholders’ meeting and changed the name to LS Cable & System. It was done based on the fact that the previous name was limited to cable, failing to hold the meaning of solutions and application business strategically propelled by the company.
LS Cable & System has sought to innovate its business model by selling single products to customer-based solutions. To this end, it has enforced solutions businesses ranging from electric power transmission and distribution, wind power, railroad, vessels, and vehicles to broadband telecommunication, intelligence building systems and photovoltaic system.
The company stated that the change showed its willingness to become a leader in the cable business, as well as green business application and solution markets. The company will publicize its new English name by participating in various overseas exhibitions and performing aggressive global PR activities.
In this shareholder's meeting, LS Cable & System added the field of energy diagnosis to its business purposes in order to implement energy-saving technologies and infrastructure needed for the establishment of a smart grid.
LS Cable & System has operated about 100 sites in 24 countries since the early 1990s and propelled specific businesses for each region, including China, Asia, the Middle East, Russia, the US and Europe.
First, the company thoroughly implements localization in China. With the establishment of LS Hong Qi Cable in 2009, it completed its overall business portfolio with LS Wuxi (power cable connectors, booth ducts, automobile cables, instrument lines, etc), LS Tianjin (winding wires) and SPSX in the US (winding wires for electric power) merged in 2008. The Hong Qi Cable prepares strategies that focus on special industrial cables, including the ones for submarines, railroads, vessels, mines, nuclear power and wind power, which need high voltage power of more than 220kV.
LS Cable & System was a traditional powerhouse in the Middle Eastern market and countries in the region have progressively implemented improvement projects in power grids at a national level. Furthermore, the company aims to increase its construction business and international Social Overhead Capital (SOC) bids, such as power plants, substations and power transmission lines, as well as large-scale petroleum and chemical projects.
To this end, the company plans to conduct thorough market investigation through its local branches, whilst accelerating tailor-made marketing and local-oriented R&D activities.
The company is also forecasting an increase in demand due to rapid urbanization and industrialization. The company was officially designated a partner for establishing optical communication networks by Vodafone Qatar and will focus on distributing such networks.
These strategies are expected to be implemented in the Southeast Asian market. The company already successfully established its information access center and the ICT education center in Indonesia. Furthermore, it won an order for building a communications network and integrated control center from Indonesia’s Police Agency.
LS Cable & System expended its sales revenue through an M&A with SPSX in 2008. Further aggressive marketing activities include opening overseas branches in Brazil and Russia and newly established business offices in the Middle East and Vietnam.