LS Cable & System sets up a joint venture in Egypt

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LS Cable & System sets up a joint venture in Egypt

Published: 21 Nov. 2019, 20:07

LS Cable & System, Korea’s leading wire and cable manufacturer, said Thursday it will establish a joint venture in Egypt to tap deeper into the African market.

LS Cable said it has signed an agreement with Egypt’s cable laying contractor M.A.N International Contracting to set up a cable manufacturing joint venture.

The joint venture will produce overhead wires for electricity transmission. It plans to build production facilities by end-2020.

Since Egypt also signed free trade agreements with countries in Europe and the Middle East, LS Cable said the joint venture will also sell its products to those markets.

With the latest deal, LS Cable now has 11 cable producing units overseas, including in the United States, China and Poland.

Yonhap