ID :
175551
Fri, 04/15/2011 - 05:43
Auther :
Shortlink :
https://www.oananews.org//node/175551
The shortlink copeid
LS Cable to spend $96 mln on power cable plants in U.S., India
By Lee Youkyung
SEOUL, April 15 (Yonhap) -- LS Cable & System Ltd., South Korea's top wire and cable maker, said Friday that it will spend US$96 million to build and expand power cable production facilities in the United States and India.
The move comes as LS Cable tries to expand further in overseas markets by manufacturing products locally through its overseas subsidiaries.
LS Cable's U.S. subsidiary Superior Essex Inc. will break ground for a $60 million plant in Tarboro, North Carolina, at the end of next month, the parent company said. The new plant will start production of low- and medium-voltage cable products starting in 2012.
The cable maker will also spend $36 million to add a power cable production line to an existing communications cable plant located in Haryana, India, it said.
The Indian facility will be completed by the end of this year and start production in 2012. LS Cable aims to reap $136 million from power cable sales in 2015, it added.
"With power business localization, LS Cable & System will lay the foundation for entry into both advanced and emerging power markets," Son Jong-ho, LS Cable's chief executive officer, said in a statement.
SEOUL, April 15 (Yonhap) -- LS Cable & System Ltd., South Korea's top wire and cable maker, said Friday that it will spend US$96 million to build and expand power cable production facilities in the United States and India.
The move comes as LS Cable tries to expand further in overseas markets by manufacturing products locally through its overseas subsidiaries.
LS Cable's U.S. subsidiary Superior Essex Inc. will break ground for a $60 million plant in Tarboro, North Carolina, at the end of next month, the parent company said. The new plant will start production of low- and medium-voltage cable products starting in 2012.
The cable maker will also spend $36 million to add a power cable production line to an existing communications cable plant located in Haryana, India, it said.
The Indian facility will be completed by the end of this year and start production in 2012. LS Cable aims to reap $136 million from power cable sales in 2015, it added.
"With power business localization, LS Cable & System will lay the foundation for entry into both advanced and emerging power markets," Son Jong-ho, LS Cable's chief executive officer, said in a statement.
