LS Cable launches China unit

SEOUL, Dec. 11 (Yonhap) -- LS Cable Ltd., South 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.
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 (US$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.
The South Korean company, which runs 60 subsidiaries and representative offices
in 23 countries, logged 8.3 trillion won in sales last year.
ylee@yna.co.kr
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