LS Cable & System wins $65-million Singapore contract

LS-VINA's factory in Vietnam. [LS CABLE & SYSTEMS ASIA]

LS Cable & System Asia has won a contract of $65 million to supply electric cables to Singapore, the company said Monday.

LS Cable & System Asia’s Vietnamese subsidiary LS-VINA signed the deal. The company did not disclose the Singaporean client, citing contract terms.

The industrial cables will be used to replace older ones in buildings and factories across Singapore for two years. Shipments will start this month.

“The Singapore market prioritizes quality over anything and our long-term contract was the result of years building up technology and price competitiveness,” the company said in a Monday statement.

The $65-million deal is a big deal for LS Cable & System Asia, equivalent to 13 percent of the company’s entire 2020 revenue.

The company struggled last year due to the coronavirus pandemic, but saw business improve in the second half thanks to a sales increase in Vietnam and a rise in exports. LS Cable & System Asia is the holding company of LS’s cable businesses in Vietnam and Myanmar.

BY SONG KYOUNG-SON [song.kyoungson@joongang.co.kr]