LS Cable & System President & CEO Myung Roe-Hyun announced that the company has opened a new cable plant in Poland, its first production base in Europe.
A press release said that the plant is the first such one for a South Korean company in Europe, โthe home of cable.โ The plant produces parts for electric vehicle batteries and optical cables for communication. More than 100 people, including Cha-Yup Koo, chairman of LS Cable & System;ย Roe-Hyun;ย Lee Dong-Wook, CEO of LS C & S Poland; Dariusz Kucharski, mayor of Dzierzoniow; and Mira Sun, Korean ambassador to Poland, attended the ribbon-cutting ceremony.
โLS C & S is pushing ahead with its localization and regional base strategy,โ Roe-Hyun said. โThe Polish plant will serve as the key base for advancing into Europe, and transform the company into a total cable company by adding the power cable business.โ
The release said that Poland has very roads and power grids, and the Polish government is known to fully support investment of foreign capital with various tax incentives. Also, the company said that the nationโs geographic location is favorable to export to other European countries and its excellent workforce availability are important reasons for selecting Poland.
LS C & S established a subsidiary that produces parts for electric vehicle batteries (LSEVP) in Poland in November 2017. LSEVP can produce parts for 300,000 electric vehicles annually, and is planning to increase supplies to European automakers starting with LG Chem in nearby Wroclaw at the end of this year.
LS C & S established its optical cable production subsidiary (LSCP) next to its LSEVP plant in February 2018 as the European optical cable market has grown rapidly. It is the third optical cable plant of LS C & S, following the plants it built in Gumi, Korea and Ho Chi Minh, Vietnam.
LSCP began production last April and has proven that it can produce three million fiber km a yearโabout 7% of the European marketโand has since been supplying its products to key European carriers in Italy, France, etc. With the completion of the Polish plant, LS C & S now has a total of 19 business sites at home and abroad, including nine overseas in Vietnam, China and the U.S.
