Friday, Dec 11, 2009
LS Cable Ltd., Korea’s largest power cable maker, launched a subsidiary in China on Friday as part of efforts to secure a foothold in the fast-growing market, the company said, Yonhap News reproted. LS Cable marked the opening of its subsidiary, LS Hongqi Cable Co., on the same day with a ceremony in the city of Yichang, in China’s Hubei Province.
The launch followed LS Cable’s acquisition in September of a 75.14 percent stake in Hubei Yongding Hongqi Electricity, China’s third-largest submarine cable maker, from China’s Yongding Group for 20 billion won ($17 million). LS renamed the Chinese firm LS Hongqi Cable.
LS Cable plans to foster the Chinese unit into a major producer of electricity and industrial cables in China, which accounts for some 24 percent of the global cable industry.
