(LS Cable & System)
LS Group’s cable manufacturing unit, LS Cable & System, announced Wednesday that it has completed the construction of a new power cable plant in Indonesia in its latest push to secure footing in the burgeoning market.
The new plant, called LSAGI, is a joint venture between LS Cable & System and Artha Graha Network, Indonesia’s 10th-largest conglomerate. The Korean firm owns a 75 percent stake in the entity.
The plant, located on a 64,000-square-meter site in the Artha Industrial Complex near Jakarta, will mainly produce overhead wires for power transmission and distribution and low-voltage cables for buildings and plants.
LS said it aims to expand its presence in the Southeast Asian country by taking advantage of its local partnership business experience and sales networks ranging from banks to hotels.
“In the cable industry, each country is strengthening policies to protect its own companies,” said an LS official said. “We will pursue different strategies for different markets to better meet the local demands.”
The firm also expected a quick recovery of the pandemic-hit cable market, citing Indonesia’s planned relocation of its capital from Jakarta to a jungled area of Kalimantan on Borneo island, which involves a $32 billion mega development project.
With the completion of the Indonesian plant, LS Cable & System now operates a total of 12 production facilities around the world, including in the US, Poland, Vietnam and China.
By Hong Yoo (email@example.com