LS HongQi Cable & System, the local manufacturing unit of LS C&S in China, logged a cable supply deal worth some 58 billion won ($53 million) in Kuwait, the company said Tuesday.
Under the deal signed with the Ministry of Electricity and Water in Kuwait, LS HongQi C&S will begin supplying 132-kilovolt cables in Kuwait next year, to complete the construction by 2019, according to the company’s officials.
LS Cable & System's cable manufacturing facility in China (LS C&S)
The latest deal secured in Kuwait is LS HongQi’s first large-scale exporting deal, it said. The contract size accounts for more than 50 percent of the annual sales that LS HongQi C&S posted last year, 98.8 billion won.
In previous years, LS HongQi C&S had mainly covered the local cable demand only, it added.
“LS HongQi C&S has strived to clinch deals in the overseas markets, and the latest deal came amid such efforts,” said Myung Roh-hyun, CEO of LS C&S Asia. “The company expects to log additional deals in the overseas markets,” Myung expressed hopes.
By Shim Woo-hyun (email@example.com)