LS Cable & System Wins Extra High Voltage Cable Turn-key Contract from Singapore
|Anyang, June 3, 2015 - LS Cable & System (LS C&S) announced on the 3rd
that it had won a $45 million underground cable contract from Singapore
PowerGrid. Through this turn-key contract, which covers everything from cable
supply to construction, LS C&S will install the cables in Jurong, the
largest petrochemical complex in South-East Asia. |
In Singapore, industrialization and urbanization have led to a continuous
demand for power cables. In particular, Singapore had been a difficult market
for Korean companies to enter due to the fierce price competition as well as
quality competition among advanced companies to win contracts for value-added
products and power network establishment deploying only extra high voltage
cables laid underground rather than hanging from transmission towers.
LS C&S has secured both quality and price competitiveness since 2010 by
utilizing its subsidiary LS-VINA Cable & System in Viet Nam so the company has been able to position
itself as a key supplier in the Singaporean power cable market with a market
share of over 35%.
Unlike general consumer goods, cross-selling is difficult for power cables.
This is because the facilities used for manufacturing products and the country
in which the products are manufactured serve as important factors in the
bidding as product durability, safety and reliability are considered
“Singapore PowerGrid, which is conservative and demands high quality, selected
our product manufactured in Viet Nam because they have confidence in our
quality, which has been demonstrated through numerous projects implemented in the
past,” said Heon-Sang Lee, Director of the Global Sales & Marketing
Division of LS C&S. “Since its founding in 1996, the Vietnamese subsidiary
has achieved technological stabilization through continuous facility
investments and technology transfers.”
Located in Hai Phong in northern Viet Nam, LS-VINA Cable & System is the first-ranking cable
company in that country recording a market share of 30% based on a stable
demand from Electricity of Vietnam. Recently, through cooperation with the head
office in Korea, the company has been expanding exports to Southeast Asia,
Europe and America.