LS Cable & System Asia held a ceremony to mark the expansion of its electric wire material plant at LS-VINA, a production company in Hai Phong, Vietnam on April 16.
LS Cable has invested about 10 billion won to expand its production capacity of wire materials by about 3.7 times from 27,000 tons a year to 100,000 tons, the largest in Vietnam. Vietnam's demand for wire materials is about 200,000 tons per year.
The 100,000 tons of copper materials are capable of manufacturing more than 60,000 kilometers of ordinary building power cables, which can travel 1.5 laps around the globe.
"It is expected that our growth will accelerate by completing investments in electric wire material facilities this time following optical cables and MV wires last year," said Kwon Young-il, CEO of LS Cable & System Asia.
LS-VINA was established in 1997 and it is Vietnam's No. 1 cable company that supplies power cables to Vietnam's Power Authority and construction companies. LS Cable achieved its highest sales and profits in the first quarter of 2019 by recording 122.3 billion won in sales and 6 billion won in operating profit as the holding company of the two Vietnamese production corporations (LS-VINA and LSCV).
