LS seeks new momentum in electrification

As he took office in January, LS Group Chairman Koo Ja-eun vowed an “ambidextrous management” to maximize synergy between existing core businesses and new businesses for the future.

“With advanced technology in electricity and materials in one hand, and future technologies such as artificial intelligence, big data and Internet of Things in the other, we will offer solutions of customer-oriented value in a balanced manner,” Koo said.

It comes as Koo and Myung Roe-hyun, chief executive of LS Corp., have begun a three-month tour of 14 subsidiaries in Chungcheong, Gyeongsang and Jeolla provinces to check on pending issues and seek solutions for the conglomerate’s sustainable growth.

Koo has stressed the need for systematic globalization based on market and customer data assets, and growing with society through environmental, social and corporate governance.

LS perceives ESG as a new business opportunity as the age of electrification nears.

LS affiliates plan to make use of their long experience in electric infrastructure and energy solutions to explore new opportunities in renewable energy and electric vehicles.

Through a joint investment with liquefied petroleum gas importer E1, LS Group set up an EV charging business named LS E-Link in April.

It has also completed in May an LS EV Korea factory in Gunpo, Gyeonggi Province, which produces EV components.

LS Cable and System won major projects in the US, the Netherlands and Bahrain last year, and signed a five-year deal to supply subsea cables to Danish wind power company Orsted.

Having built South Korea’s first subsea cable factory in Donghae, Gangwon Province, in 2008, LS Cable plans to invest an additional 190 billion won ($153 million) by 2025 to set up facilities for manufacturing, cable storage and research support at the Donghae factory.

LS Cable also began service of GL2030, an undersea cable-laying ship, last year.

LS Electric’s “smart” factory in Cheongju, North Chungcheong Province, was selected by the World Economic Forum last year as a “Lighthouse Factory” that spearheads the manufacturing industry by applying innovative technologies.

By Kim So-hyun (sophie@heraldcorp.com)