LS Electric's Cheongju smart plant awarded 'Lighthouse Factory' title by WEF
LS Group Chairman Koo Cha-yol attends the online World Economic Forum to give a commemorative speech on behalf of LS Electric's Cheongju smart plant, which was awarded the 'Lighthouse Factory' title on September 29. Courtesy of LS Group
By Kim Hyun-bin
LS Electric's smart plant in Cheongju, North Chungcheong Province was recognized as a “Lighthouse Factory” by the World Economic Forum (WEF), Wednesday. LS Electric is the second Korean company whose factory has achieved this status after POSCO in 2019.
The “Lighthouse Factory” title is given to manufacturing plants that have spearheaded efforts in the Fourth Industrial Revolution by utilizing key innovations, such as the Internet of Things (IoT), artificial intelligence (AI) and cloud technology in their daily production processes. Since 2018, the WEF has been evaluating firms for six months to award the title, which is given biannually.
“LS Electric's selection as a Lighthouse Factory is the result of LS Group's digital transformation efforts since 2015 and its attempts to keep up with the Fourth Industrial Revolution. LS's digital innovation efforts will continue,” LS Group Chairman Koo Cha-yol said after representing the company at a WEF meeting held online. “The group's affiliates that are undergoing digital transformation will serves as benchmarks and raise their innovation standards.”
There were 21 multinational companies whose manufacturing plants achieved the Lighthouse Factory title, including Johnson & Johnson, Schneider and Foxconn. The 21 companies included three in Europe, three in the U.S., 13 in Asia and two in the Middle East. Until now, 90 companies have been awarded the title, including two in Korea.
LS Electric's Cheongju smart factory has utilized AI and IoT technologies to enhance flexibility and production efficiency.
The company also vowed to uphold environment, social and governance (ESG) management standards and to improve its own energy management solution (EMS), which has been implemented at the factory to enhance energy efficiency. The latter was the key reason LS Electric was awarded the Lighthouse Factory title, the company said.
Since 2011, the company has invested more than 20 billion won ($16.8 million) to apply smart technologies to factory automation, AI-based real-time welding and logistical robots.