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Photo = LS Electric |
[Alpha Biz= Kim Jisun] LS Electric, a leading domestic power and automation solutions company, will invest KRW 100.8 billion in expanding its Busan plant by the end of this year.
On Wednesday, the Busan city government announced that it had signed an investment memorandum of understanding (MOU) with LS Electric for the expansion project. The signing ceremony was attended by Busan Mayor Park Hyung-joon and LS Electric President Oh Jae-seok.
As the No.1 company in Korea’s power and automation industry, LS Electric operates 13 subsidiaries and 14 branches worldwide. It is also a smart energy company with global technological expertise, actively targeting international markets.
By the end of this year, LS Electric plans to invest KRW 100.8 billion to expand its facility on a 130,000㎡ (4,000-pyeong) idle site next to the ultra-high voltage production building at its Busan plant in Gangseo-gu. The expansion will include the addition of two vacuum drying facilities, an assembly plant, a testing lab, and an advanced welding process.
Through this expansion, LS Electric aims to increase its annual production capacity from KRW 200 billion to KRW 700 billion and hire 330 new employees. The Busan plant is expected to play a key role as a core production base for power-related manufacturing. LS Electric first established Korea’s high-voltage direct current (HVDC) production facility in 2011, marking the beginning of its full-scale operations.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
