LS Electric, a South Korean producer of power solutions, aims to grow 10 percent annually and generate 70 percent of its earnings from overseas, the company said Monday.
Unveiling a corporate vision for the next decade, the company’s Chairman Koo Ja-kyun urged executives and employees to act proactively to go beyond its traditional businesses of electricity and automation and transform into a global digital leader.
“The company must continue to evolve to find new business opportunities amid this era of uncertainty,” Koo said in his address after unveiling the “Drive Change for 2030” on Monday.
In detail, the company aims to increase the share of overseas sales to account for 70 percent of the total sales, from the current 40 percent, by 2030.
It also plans to nurture new businesses such as smart energy solutions to 50 percent of total revenues, the chairman said.
To achieve the goals, Koo presented three values to guide the company for the next 10 years, summed up as “ACE,” referring to agility, challenge and excellence.
“LS Electric will continue to make efforts in finding new business models by utilizing the company’s own information and communication technology and digital capabilities,” the firm said in its press release.
The company will enhance its in-house startup system to promote innovations and secure future opportunities, it added.
The company was renamed from LS Industrial Systems last year.
By Shim Woo-hyun (firstname.lastname@example.org