LS Industrial Systems now known as LS Electric
The change was approved during a general shareholders’ meeting Tuesday at the company’s headquarters in Anyang, Gyeonggi.
With its main business in electrical equipment and automation systems, the company’s name has been in use for 33 years since before it became a separate entity from LG Group in 2003.
Top management believed the name “Industrial Systems” referred to a limited scope of business fields. The company is currently focused on applying artificial intelligence and other new technology to its products.
“In the past 33 years, the name ‘Industrial Solutions’ has completed its role by establishing the company as a provider of safe and efficient energy solutions,” said LS Electric Chairman Koo Ja-kyun. “The new name marks the start of a new history and starts from a recognition that our next phase for growth lies in overseas markets.”
In recent years, LS Group has pursued a more aggressive switch to digital technology, and has instructed its affiliates to do the same.
In line with a manufacturing trend for smart factories and a bigger emphasis on energy solutions, the company has been shifting from a device maker to a solutions provider that offers a platform combining hardware and software.
BY SONG KYOUNG-SON [email@example.com]
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