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| LS VINA is LS Cable & System's unit in Vietnam producing electrical cables. / Courtesy of LS Cable & System |
By Jun Ji-hye
LS Cable & System has been selected as the preferred provider of electrical cables to Western Australia for the next five years, the firm said Tuesday.
The nation's leading power cable maker will supply 60 percent of the medium- and low-voltage cables ordered by Western Power, owned by the State Government of Western Australia. The state owned corporation is responsible for building, maintaining and operating the electricity network as well as its infrastructure.
The firm said the selection marks a great achievement for company, coming only two years after it established a sales office in Australia.
Demand for electrical cables has been rising in Australia as the country pushes for projects related to new and renewable energy. This has provoked fierce competition between global cable makers, the firm said.
LS Cable & System was selected because of its price competitiveness and the quality of products made by its Vietnamese subsidiary, the firm said.
"We have achieved this through our strategy of enhancing competitiveness and responding quickly to changes in the global market," LS Cable & System CEO Myung Roe-hyun said. "Taking the latest contract as an opportunity, we will actively target the Australian market in which the company has less than a 5 percent market share."
LS Cable & System has been accelerating efforts to make inroads into the global market by establishing operations in the United States, Myanmar, France, Poland and Indonesia.
On April 10, the firm said it was going to invest about 14 billion won ($13 million) in new facilities to produce optical-fibers at the Poland plant.
It said the production line will be installed by the end of this year in its electric vehicle parts production affiliate set up in the southwest of the European country in November. Production will start next April.
