LS Cable & System increases capacity at Vietnam plantLS Cable & System Asia, a major power cable producer, said Tuesday that it has increased the capacity at its plant in Vietnam 3.7 times as it strives to expand market presence in the Southeast Asian market.
The Korean company said it invested 10 billion won ($8.8 million) in it local affiliate LS-VINA in Haiphong, which now has an annual output reaching 100,000 tons of cable material, up from 27,000 tons in the past.
The total is roughly half of the 200,000 tons of electricity cable materials needed by the Southeast Asian country on an annual basis and enough to make 60,000 kilometers (37,282 miles) of cables, which can circle the Earth 1.5 times.
LS said that the increased output capacity will allow it to better meet its own needs in the country. It can also allow the company to export excess cable materials beyond to other Southeast Asian countries.
“With the completion of investment, the company expects accelerated growth going forward,” LS C&S Asia CEO Kwon Young-il said.