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(Photo= Yonhap news) |
[Alpha Biz= Reporter Kim Jisun] LS Cable & System plans to invest approximately 1 trillion won in the expansion of its submarine cable factory in the East Sea. This move is aimed at capturing the growing demand in the high-voltage direct current (HVDC) transmission market, particularly in Europe and the United States.
On the 3rd, LS Cable & System announced that it had signed an investment agreement with Gangwon Province and Donghae City to invest around 1 trillion won in expanding its submarine cable factory in Donghae City, Gangwon Province. The investment will be used to construct five submarine cable buildings with a total floor area of 19,451 square meters (5,883 pyeong).
Since establishing the first domestic submarine cable factory in Donghae City, Gangwon Province in 2008, LS Cable & System has expanded its business. In May of last year, it completed the construction of the submarine cable Plant 4, which is the largest HVDC cable plant in Asia. Last August, it decided to expand infrastructure, including adding submarine cable production lines, with an investment of 155.5 billion won. Once the expansion of the submarine cable factory, consisting of five buildings, is completed in the second half of next year, the production capacity of HVDC cables will increase by about four times compared to the current level.
LS Cable & System has been making efforts to expand its market, including pursuing the construction of a submarine cable factory in the United States.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
