LS Group plans to build its global production base in China.
LS GROUP, which has core capabilities IN industrial electric AND material businesses, released THE PLAN AT a press conference held IN Wuxi, a city CLOSE TO THE Chinese business hub OF Shanghai. THE conglomerate targets 10 trillion won IN GLOBAL SALES BY 2012.
``We will foster our Chinese affiliate INTO THE NO. 2 AT LS Cable AND produce 15 PERCENT OF our GLOBAL SALES here,’’ said Koo Ja-eun, senior vice president OF LS Cable AT THE ceremony FOR completion OF LS Cable industrial complex IN Wuxi.
Koo said that AS part OF its mid-term business PLAN IN China, LS Cable plans TO develop LS Air Conditioning’s Chinese subsidiary IN Qingdao INTO one OF China’s top five air conditioner suppliers BY 2008.
He added that THE LS GROUP will WORK ON improving awareness OF its NEW brand IN China TO develop its business IN THE country.
LS Cable vice president Bang Hyo-sung said his company will boost its SALES IN China FROM its CURRENT $92 million TO $240 million BY 2009 BY achieving a robust SALES growth OF 32 PERCENT annually IN THE coming years.
THE LS GROUP, Korea’s 15th biggest business GROUP BY assets spun OFF FROM THE LG GROUP LAST YEAR, has 17 subsidiaries UNDER its wing. Its flagship subsidiaries include LS Cable, LS Industrial Systems, LS-Nikko Copper, Gaon Cable, E1 AND Kukdong City Gas.