LS Cable & System to expand its submarine cable production facility
LS Cable & System announced it will invest 185.9 billion won ($161.4 million) to expand its submarine cable production facility, building an additional factory at its second Donghae Plant.
The company announced Sunday it will construct a 31,000-square-meter (333,681 square feet) factory at its second Donghae Plant in Gangwon.
LS Cable & System built its Donghae Plant in 2008, becoming the first company to build a submarine cable production facility in Korea.
Construction will start in October and will be finished by April 2023.
Once completed, the company expects its cable production capacity to increase 150 percent.
Its newly constructed VCV tower will be the highest building in Donghae and tallest VCV tower in Korea, measuring 172 meters (564 feet), similar to a 63-floor apartment building. Power cables will be produced and insulated at the new VCV tower.
LS Cable & System also aims to revitalize the economy and create more local jobs with the investment.
“We were considering investing in overseas countries such as Vietnam and China, but decided on Donghae due to Gangwon and Donghae’s many corporate support policies,” said a spokesperson for LS Cable & System.
BY LEE TAE-HEE [email@example.com]