LS ELECTRIC Chairman Koo Ja-kyun poses with his staff in an event to celebrate LSIS’s changing its name to LS ELECTRIC. (Photo: LS ELECTRIC)

LS Industrial Systems (LSIS), which has led the nation’s industrial power and automation industries, has changed its corporate name to LS ELECTRIC, and is accelerating efforts to expand globally.

The company inaugurated the Global Business Division to expand its global business last year. The massive reorganization and the fresh name change are predicted to help bring about tremendous innovation.

LSIS held this year’s general shareholders’ meeting at the LS Tower in Anyang, Gyeonggi-do, on March 24 and approved its corporate name change. LS ELECTRIC prepared a prior process for its name change since late last year.

The new name, which got a nod at the shareholders’ meeting, will be officially used after it is registered.

LS ELECTRIC was dubbed Lucky Packing when it was established in 1974. The company was renamed Goldstar Industrial Systems in 1987. It was changed to LG Industrial Systems (LGIS) in 1995. LS Group was spun off from LG Group in 2003. The name LSIS has been used since 2005.

The latest name change has reflected the company’s strong determination to ramp up its global business and customer-oriented management.

The name LSIS was associated with such limited areas as industrial power and automation sectors, so the name change has been made to reestablish its corporate identity as a company specializing in smart energy and other convergence businesses in the global market with rapid changes of the times such as digital transformation and AI of the 4th Industrial Revolution.

The new name reflects the corporate image of a leader in Korean and global market. The company has evolved from devices such as manufacturing and ICT/IoT technology convergence, industry 4.0 solution, and mart transmission/distribution network technology to platform solutions.

LS ELECTRIC Chairman Koo Ja-kyun said, “The former corporate name ‘Industrial Systems’ had accomplished its task by making corporate history as the No. 1 industrial power and automation leader, and under the new name LS ELECTRIC, we have to write a new history with a heavy sense of responsibility.”

He stressed the importance of overseas markets, the key to growth, and “evolution beyond revolution” in the perspective of business and organization to make a leap forward as a blue chip company.

The company changed its corporate name to LS ELECTRIC to reestablish its new identity as a smart energy company surpassing its corporate image as a safe and efficient electric energy solution company, a company official said.

The company plans to declare a new vision as a pivot of management soon and push continued change and innovation so that the name change can lead to changes in executives and staff’s viewpoints, the official said.

LS ELECTRIC Chmn. Koo Takes Office as KOEMA Chairman

Korea Electrical Manufacturers Association (KOEMA) held the 2020 general meeting and elected Chairman Koo Ja-kyun of LS ELECTRIC as the 13th KOEMA chairman at the Korean Federation of Science and Technology Associations in Seoul on Feb. 25. His term lasts until February 2023.

Chairman Koo concurrently serves as chairman of the Korea Electrical Industry Technology Research Association (KEITRA), an affiliate body of KOEMA.

In his inaugural speech, Chairman Koo said, “The electrical industry business environment is facing with greater uncertainties than ever before such as the recent global spread of COVID-19, the protracted U.S.-China trade conflict, global protectionist trade moves and the sagging domestic market as well as global energy paradigm shift and the ushering of a convergence technology era.”

He called for KOEMA member companies to proactively address these trends of the times and join forces in exploring solutions to further promote development.