LS Cable & System chairman Koo Cha-yol reaffirmed Friday the company’s goal of becoming the No. 1 player in the global cable industry, celebrating the 50th anniversary of its foundation.
“Based on our prowess accumulated over the past 50 years, we will step up efforts to become the global No. 1 in the next 50 years,” Koo said during the ceremony at its headquarters in Anyang, Gyeonggi Province, on Friday with some 400 company executives and guests in attendance.
“The cable business is not just about manufacturing cables but it is also a logistics business that delivers energy and information to wherever in whatever ways customers want,” he added.
Earlier this month, Koo took the helm of LS Group, one of the nation’s major conglomerates with some affiliates including LS Industrial Systems.
Established in 1962, LS Cable and System has seen its sales surge dramatically from 1.65 billion won ($1.5 million) in 1967 to 8.8 trillion won ($8 billion) last year. During the same period, the number of employees increased from 430 to 9,100, of which some 6,000 work for the company’s overseas operations.
The company, which secures some 60 percent of its total sales abroad, is currently the third-largest wire and cable maker globally next to Italy’s Prysmian and France’s Nexans ― both have more than 100 years of history.
Under the chairman’s leadership, LS Cable has expanded its presence in global markets through acquisitions.
The company purchased Atlanta-based magnet wire and communication cable maker Superior Essex in 2008, paving the way into the North American and European markets. In 2011, the company also acquired China’s Hongchi Cable targeting the soaring Chinese market.
“Through business and technical innovation, we have grown into a global company that has 33 manufacturing firms, 64 operational bases and four research centers in 26 countries,” said LS president and CEO Son Jong-ho.
The next big market for LS is India, where the company plans to target the value-added cable market and aims to become the No. 1 cable maker in the country with 1 trillion won in sales by 2020.
By Lee Ji-yoon (email@example.com