LS Group taps into emerging markets, green business
Kicker: Chairman John Koo says companies’ social contribution is mandatory investment)
HERALD INTERVIEW
By Kim So-hyun
LS Group, unrivaled in Korea for industrial cables and electrical systems, is aggressively expanding abroad with a focus on green businesses, such as smart grids, renewable energy, electric car parts and resource development.
With LS Cable & System and LS Industrial Systems as its two main pillars, LS has grown into the nation’s 13th largest conglomerate in terms of asset value in the nine years since it spun off from LG Group in 2003.
At the helm of LS Group is John Koo, who picks the late Cardinal Kim Sou-hwan and Buddhist leader Ven. Beopjeong as the two people he admires most.
The spiritual leaders showed beautiful partnership, Koo said, as he preaches “LSpartnership” as the group’s corporate philosophy.
“It is important for a company to reap profits and grow, but its course must be fair and proper. The role of businesses will be increasingly important for the sustainable development of the nation and society,” Koo, chairman and chief executive of LS Group, told The Korea Herald.
“A company’s social contribution is no longer a matter of choice, but mandatory investment. Becoming a respected enterprise would make the company more competent.”
LSpartnership will offer a set of criteria for proper corporate activities and social contribution to support future generations and the underprivileged with dreams, according to Koo.
LS has been on the fast track in its key areas. In 2008, LS Cable acquired Superior Essex, the largest cable company in the United States, and started building a power cable production plant in Tarboro, North Carolina, last year.
“As our major business area is related to infrastructure, we see plenty of business opportunities in China and other emerging economies that are speeding up growth,” group chairman Koo said.
Last Friday, Koo won a top CEO award from the Korean Academic Society of Business Administration for his contributions in leading steady corporate growth and building a sound corporate culture.
"I am happy as it feels like receiving credit for my efforts and work over the past 40 years. I will continue to do my best to promote LSpartnership," Koo said.
He also received another annual CEO award from the Korea CEO Academy in December.
(
sophie@heraldcorp.com)
