South Korea’s leading cable manufacturer LS Cable & System Ltd will gradually transfer its traditional cable-making business to smaller unit Buildwin that specializes in building windows and curtain wall to focus more on high-valued and future-growth businesses.
The cable manufacturer established Buildwin in 1997 through a partnership with the United Kingdom-based Mero-Schmidlin Plc and acquired full ownership in 2005.
The company posted 25.5 billion won ($22.4 million) in sales last year.
LS Cable & System will gradually shift its electric, offshore and communication power cable installation businesses at home and abroad to Buildwin until 2021 to nurture it as a company capable of generating 300 billion won annual sales, said an unnamed LS Cable & System official.
The decision to transfer the cable unit to Buildwin also couples with LG Cable’s business strategy to focus more on high-value added products such as high-voltage, direct current (HVDC) power lines transferring a large volume of electric power over long distance with low power loss.
It has also turned active in the burgeoning electronic vehicle market. The company started supplying copper magnet wires to General Motors’ electric vehicle Chevy Bolt electric vehicle.
