Chairman Koo Ja-kyun of LS ELECTRIC revealed a plan to “elevate the power and automation industries as Korea’s representative future growth engine businesses and grow into a global player” at an event on Sept. 30 to celebrate the 50th anniversary of the company’s founding.
Chairman Koo disclosed his determination to reshape the future of the global power and automation industries beyond Korea and spearhead it.
LS ELECTRIC held the 50th anniversary event at LS Tower in Anyang, Gyeonggi-do, and unveiled the integrated brand “Beyond X” for growing into a centennial company.
The event was attended by LS ELECTRIC Chairman Koo, 500 other executives and staffers, who congratulated each other on the company’s rise to become a global super blue-chip, heavy electric device company on the occasion of its 50th anniversary.
In his speech, Chairman Koo said, “Global supply chain changes, caused by the development of AI and digital technologies and the pandemic, have now marked a turning point in the global power and automation industries.”
“The global market, which has been dominated by a few companies in a few countries such as the United States, Japan and Europe, has been undergoing tremendous changes, which serve as great opportunities for us,” he said.
LS ELECTRIC said it is expecting the best-ever opportunity amid the emergence of the “ultra super cycle,” caused by the need to replace outdated power grid networks around the United States and rising power demand caused by AI data centers.
Chairman Koo envisioned that LS ELECTRIC will elevate power and automation industries as Korea’s representative future growth engine businesses and grow into a global player.
“To this end,” Chairman Koo said, “LS ELECTRIC will build the future of the power and automation industries by expanding global electric alliances while spearheading energy transition and digital technology revolution to address global energy and climate change issues.”
LS ELECTRIC will carry out all activities based on sustainability, diversity and social responsibility, establish a fair and challenging corporate culture and grow into a beloved and respected company, he said.
LS ELECTRIC made public the new integrated brand “Beyond X” for becoming a centennial company in the future.
LS ELECTRIC’s new brand “Beyond X.” (Photos: LS ELECTRIC)
The new brand embraces four values — eco, efficient, digital and K-electric — to spread to the world global top products and solutions as well as reliability the company has accumulated for the past 50 years and lead the global market.
Chairman Koo said Beyond X means its promise to grow into a global top-tier company beyond customers’ expectations the company has received so far, and it symbolizes its looking-forward will to spearhead into the global market through excellent technologies and solutions tailored to meet customers’ needs and respond faster than any one amid the rapidly changing environment and challenge.
The predecessor of LS ELECTRIC was Goldstar Instrument and Electric, a power and automation company founded in 1974.
Goldstar Industrial System was inaugurated to boots exports abroad in 1987, Goldstar Instrument and Electric, Goldstar Mechanical & Electrical Co. and Goldstar Industrial System, the three subsidiaries of the business group, were merged into LG Industrial Systems, Korea’s biggest power and automation company, in 1995.
As LS Group was spun from LG Group in 2003, the company was renamed as LS Industrial Systems in 2005 and LS ELECTRIC in 2020.
LS ELECTRIC has grown into a global super blue-chip heavy electric equipment maker, as the company logs 4,230.5 billion won in sales, hires 3,500 employees, and owns 13 incorporated bodies and 14 branches across the word.
LS ELECTRIC has built up a full line-up, ranging from single items to high-end systems in the power and automation industries, the company’s cash cow segments, to solidify its competitive edge, while expanding to next-generation energy businesses such as energy storage systems (ESS), smart grid and photovoltaic power generation and eco-friendly electronical parts.
The company won the $500 million export tower and $700 million export tower in 2013 and 2023, respectively.
LS ELECTRIC has become a global company with the portion of overseas sales, topping 50 percent in the second quarter of the year.
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