LS C&S to inject additional Investment of approximately USD 117 million in its Donghae, South Korea-based submarine cable production facility. The company is aiming to serve global large-scale offshore wind farm projects.

Aug 10, 2023

LS Cables & Systems (LS C&S) has announced an additional investment of USD 117 million into its business establishment in Donghae City, Gangwon Province, South Korea, to further expand its submarine cable production facilities. In May, LS C&S completed the construction of Submarine Cable Unit 4, which is the only HVDC submarine cable factory in the country and the largest such factory in Asia.

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This is a pre-emptive investment made by the company to meet the demand for submarine cable, which is surging with the commencement of large-scale offshore wind farm projects throughout the global energy market. LS C&S built the first submarine cable factory in Korea in Donghae City back in 2008 and has since invested approximately USD 521 million to further enhance the company’s submarine cable business capabilities.

A company spokesperson stated, “Projects worth trillions of won are being promoted in the global market due to carbon neutral policies. We are planning to improve our submarine production capabilities and to meet the surging market demand through additional investments.”

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LS C&S is also planning more investments and is currently reviewing sites within Korea, and Southeast Asia, for potential expansion to establish a stronger foothold in the global market. Recently, LS C&S has also improved its construction capabilities by acquiring a stake in the submarine construction company KT Submarine (KTS). LS C&S will secure a 45.69 percent stake and become the largest shareholder of the company once it pays for the acquisition of the controlling interest by mid-August.