Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
LS Electric celebrates 50th anniversary amid AI-driven boom
LS Electric Chairman Koo Ja-kyun speaks during a ceremony to celebrate the 50th anniversary of the company's foundation at LS Tower in Anyang, Gyeonggi Province, Monday. Courtesy of LS Electric
By Park Jae-hyuk
LS Electric celebrated the 50th anniversary of its foundation and unveiled a new brand for its next five decades, Monday, the power devices producer said the following day.
The celebration took place on Monday, amid the recent super-cycle in the global electric power industry, caused by the need to replace outdated power grids and the soaring demand for power supply to electric vehicles and artificial intelligence (AI) data centers.
LS Electric Chairman Koo Ja-kyun noted that AI, digital technology and the global supply chain crisis after the pandemic marked a turning point in the global electric power industry.
He noted that the company has been able to capitalize on shifts in the global market, which has largely been dominated by firms from the United States, Japan and Europe.
“We will grow into a global player,” he said during the celebration at LS Tower in Anyang, Gyeonggi Province.
“While expanding the global electric alliance aggressively, we will lead the energy transition and digital technology revolution to solve the global energy and climate crises.”
The chairman also urged employees to pursue sustainability, diversity and social responsibility.
To achieve these goals, LS Electric disclosed a new brand, Beyond X, which embraces the four pillars of its corporate values — eco, efficient, digital and K-electric — for the supply of the world’s best products to international customers.
“Beyond X shows our commitment to becoming a global top-tier company beyond expectations,” Koo said.
“This also shows our intention to become more agile and adventurous, amid the rapidly changing business environment.”
LS Electric generates 4.2 trillion won ($3.2 billion) in annual revenue and has 3,500 employees at its 13 subsidiaries and 14 offices worldwide.
The company achieved $700 million in exports last year, a decade after reaching $500 million.
As of the second quarter of this year, the proportion of its overseas revenue surpassed 50 percent.