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LS Cable & System said Thursday it will buy a power plant located in North Carolina from LS Corporation's subsidiary Superior Essex with an investment of $24.6 million.
“As Superior Essex has less experience in power cable business, it would be more efficient for LS Cable & System to acquire and operate the unit,” said Myung Roe-Hyun, chief of LS Cable & System in the company’s statement.
“As Superior Essex has less experience in power cable business, it would be more efficient for LS Cable & System to acquire and operate the unit,” said Myung Roe-Hyun, chief of LS Cable & System in the company’s statement.
“By securing the business base in the US, LS Cable & System is also expected to prepare for the US protectionism policy,” he added.
LS Cable & System said that through the acquisition, it aims to quadruple the plant’s sales to around $200 million by 2021. It also plans to actively work with the electricity authority in the US to jump into the western part of the US alongside its main eastern market.
Superior Essex, which is one of the largest wire and cable manufacturers worldwide, has 17 plants in seven nations including the US, Germany and Italy. It generated $1.7 billion in sales last year.
By Shin Ji-hye (shinjh@heraldcorp.com)
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