■ Completing a full product portfolio by acquiring Hongqi Electric upon recent development of the Wuxi Industrial Complex in 2005
■ Discussed partnering arrangement with Yichang City government officials and encouraged executives and employees of Hongqi from the 14th to the 15th
September 16, Seoul, Korea - Chairman & CEO Christopher Koo of LS Cable held a meeting during his visit to Shanghai, with President Kwang-woo Lee of LS Corp., Ltd., President Jong-ho Sohn of LS Cable, President-nominee Seon-kook Kim of Hongqi Electric and President Sang-eui Kim of LSIC to discuss a strategy to become No. 1 in the Chinese cable market.
In the meeting, Chairman Koo unveiled his ambition saying, “Since my appointment as the CEO of LS Cable in 2004, we built the Wuxi Industrial Complex in 2005, incorporated LSIC as our sales arm in China in 2006, secured the SPSX plants in China following the acquisition of U.S. SPSX in 2008, and recently acquired Hongqi Electric to complete our production and distribution network for our cable business in China. LS Cable will now bring together its technological prowess and production capacity to become No. 1 in the Chinese market in a few years to come.”
Prior to the visit he had visited the Hongqi Electric’s plant based in Yichang City, Hubei Province on the 14th and the 15th and discussed a mutual cooperation strategy with high-level government officials including the Party Secretary Guo You-Ming (郭有明). He also encouraged the employees working in the plant.
Chairman Koo explained to the party secretary in a meeting held at the Yichang City Hall during the afternoon of the 14th his vision of the Hongqi Electric acquisition and strategy to further develop the company and underscored that Hongqi Electric, growing to be one of major cable manufacturers in China, would contribute significantly to revitalizing the local economy and create jobs.
In response, the party secretary welcomed Chairman Koo’s delegation, commenting that as Hongqi Electric has considerable brand equity in China and Hubei Province is the outpost of the “Western Development” drive of China, he has high expectations for Hongqi Electric’s growth on the heels of proactive investment by LS Cable.
Chairman Koo visited Hongqi Electric’s plant on the 15th and encouraged the employees by saying, “The success of any business depends on its people. You will be the ones who will enable Hongqi Electric to achieve its vision for growth.” Chairman Koo then mentioned his commitment to improving welfare programs and working conditions.
LS Cable plans to enhance the capacity and infrastructure of Hongqi Electric and focus intensely on markets for power cables, special industrial cables and instrument cables so as to advance the company as one of the major “full-package” cable manufacturers in China. LS Cable expects that its technological prowess, the distribution network of LSIC and the customer base of Hongqi Electric will result in significant synergies
Chairman Koo of LS Cable Reveals Ambition to be “No. 1 in the cable market of China”
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