LS C&S will invest an additional 155.5 billion won into its business establishment in Donghae City, Gangwon Province, to further expand its submarine cable production facilities.
This is a pre-emptive investment made by the company to meet the demand for submarine cable, which is surging with the commencement of large-scale offshore wind farm projects throughout the global energy market.
A company spokesperson stated, “Projects worth trillions of won are being promoted in the global market due to carbon neutral policies,” and added, “We are planning to improve our submarine production capabilities and to meet the surging market demand through additional investments.”
LS C&S is also planning to make more investments besides the aforementioned investment of 155.5 billion won. The company is currently reviewing sites within Korea and Southeast Asia for potential expansion to establish a stronger foothold in the global market.
LS C&S built the first submarine cable factory in Korea in Donghae City in 2008 and has since invested approximately 700 billion won further to enhance the company’s submarine cable business capabilities. In May, LS C&S completed the construction of Submarine Cable Unit 4, the only HVDC submarine cable factory in the country and the largest such factory in Asia.
Recently, LS C&S has also improved its construction capabilities by acquiring a stake in the submarine construction company KT Submarine (KTS). LS C&S will secure a 45.69% stake and become the company’s largest shareholder once it pays for the acquisition of the controlling interest by mid-August.
Image source: Courtesy of LS C&S
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