[SPONSORED REPORT] LS Group looks out for its partners in Covid-19 era
![Officials pose at an annual ceremony held by LS Group to promote cooperation with their partners and encourage mutual growth. [LS]](https://koreajoongangdaily.joins.com/data/photo/2020/06/17/e26a1a5e-f6df-47ed-9598-d3633df80a5a.jpg)
Officials pose at an annual ceremony held by LS Group to promote cooperation with their partners and encourage mutual growth. [LS]
Through the “LSpartnership” management philosophy, which emphasizes mutual respect and cooperation, LS Group’s key affiliates are pursuing collaborative growth with their partner companies.
LS Groups’ affiliates have come up with various financial support programs which enable their partners to get loans more easily. LS Cable & System has created a fund worth 40 billion won ($33 million) with Hana Bank for the purpose of providing loans to its partners.
LS Electric and LS Mtron have also created loan programs with local banks such as Woori Bank and IBK to help their partners strengthen their financial stability and secure cash liquidity through low-interest loans.
LS Group also provides human resources, technology and information to its partner companies for the sake of increasing productivity. This will play a pivotal role in helping the companies to enhance their capabilities and grow in the future.
Through these efforts, LS hopes to increase the competitiveness of its partners in the global market and create a synergy effect by actively pursuing mutual growth.
In addition, by continuously promoting research and development and encouraging the development of state-of-the-art technologies, LS Group has transformed into a digital company.
Working from home is an option at all times thanks to the systems now in place and the personnel the company operates. The conglomerate is also planning to transfer important systems such as resource planning to the cloud.
Tens of billions of won will be invested over the next five years to establish a digital system which guarantees a “same information technology environment” throughout the world, using cloud technology.
LS Mtron and LS-Nikko Copper have adopted smart factory systems.
These systems include cutting-edge technology such as the Onsan Digital Smelter and Computerized Maintenance Management System, and are known as one of the key factors in reducing the cost and maximizing production effectiveness.
Also, LS and its affiliates are planning to expand their presence in the global market by upgrading their overall capabilities, developing high-quality products and actively investing overseas.
LS Electric is focusing on developing a next-generation micro grid. This grid, with technologies obtained from the fields of electricity and automation along with ICT-applied convergence smart solutions, will generate energy self-sufficiently.
LS Cable & System has become the first company in the world to successfully commercialize superconducting cables. Also, based on the recent establishment of a submarine cable factory in Gangwon, the company plans to become one of the key players in the global market.
“We are trying to create a new paradigm in terms of energy efficiency and nurturing qualified personnel to meet global standards,” said an official from LS Group. “LS will actively expand globally and contribute to Korea’s economy.”
LSOfficials pose at an annual ceremony held by LS Group to promote cooperation with their partners and encourage mutual growth.
BY PARK JI-HOON [park.jihoon@joongang.co.kr]
with the Korea JoongAng Daily
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