LS Group Chairman John Koo received the Businessman of the Year Grand Prize from the Korean Academic Society of Business Administration (KASBA), which held a plenary session at Korea University on Feb. 17.

Every year, KASBA awards the coveted Businessman of the Year Grand Prize to an entrepreneur recognized for presenting a desirable entrepreneurship and contributing to achieving solid corporate growth and creating a sound corporate culture. The recipients of the award include the late Hyundai Group founder Chung Ju-yung, LG Honorary Chairman Koo Ja-kyung, and Samsung Group Chairman Lee Kun-hee.

KASBA said, “Chairman John Koo has been praised for developing LS Group into a global leader by focusing on responsible and transparent management, led by the board of directors and contributing to the development of the national economy.” In particular, it said on the background of awarding the prize, “He declared his new management tenet ‘LSpartnership,’ and he has become an example to younger managers for taking the initiative in spreading a philosophy and translating it into action.”

LSpartnership was a management tenet LS Group explored by reflecting the group’s staff members and executives’ opinions for one year as part of the group’s efforts to ensure sustainable growth in an era of change and uncertainty.

Chairman Koo said after receiving the prize, “I’m very pleased to have been recognized for the efforts and outcomes I have made with all my heart and achieved for the past 40 years since 1973 when I began my business career as a freshmen employee of the predecessor of LG International.” He said he will devote himself to spreading LSpartneship and serving as a “global ambassador” to promote partnerships.

LS Cable & System Develops Air Blown Fiber Optic Composite Power Cable

LS Cable & System introduced a new 12/20kV air-blown fiber optic composite power cable that combines both electric power and communication cables, necessary for building smart grids and communication networks into one. Immediately after the announcement, the company entered into a supply contract with Energy Australia worth $10 million (11.2 billion won).

The most salient characteristic of this cable is that unlike conventional fiber optic composite cables, installation of this product is done using high-pressure air. With this new installation method, a tube of 3-5 mm in diameter is installed inside the cable and fiber optics are pushed inside using high-pressure air. Existing fiber optic composite cables can combine a maximum of 16 core wires into one, but this new method makes it possible to bind up to 144 optical cable core wires.

A key feature of the air-blown fiber optic composite power cable is that it is also scalable, which makes it possible to meet the needs of customers who want to build out power grids and communication networks as demand rises. Also, unlike conventional fiber optic composite cables, the dual structure consisting of a plastic tube and sheath protects the cable, thereby greatly reducing the risk of damage. And because only the internal cable needs to be replaced using air pressure, operating and investment costs are also reduced. Another advantage is that the optical cable can be used to monitor the temperature and state of the cables in real time.

Lee Heong-sang, director of Overseas Sales, said, “We will work hard to promote this product targeting domestic and overseas power authorities that want to replace their existing power grids and build new smart power grids. We will also target global construction companies that want to provide a residential environment that better fits the new lifestyle of their residents. Our goal is to turn over $40 million in the next five years.”