■ MOU signed with Donghae City, Gangwon-do
■ Promotes employment and coexistence with the local community through expansion of local investment
■ Promotes cooperation with the northern economic bloc to foster it as an outpost of north-south economic cooperation 


On March 27, LS Cable & System (President & CEO Roe-hyun Myung) signed an MOU with Donghae-si, Gangwon-do to invest KRW40 billion in the city and build its second factory within this year.
 
The second factory will be 8,800m² (2,420 pyeong) in floor space and located on a site of 104,000 m² (31,460 pyeong) next to the existing submarine cable factory. It will mainly produce ultra-high voltage cables such as high-voltage direct-current (HVDC) transmission cables that have been receiving attention as the core technology of Northeast Asian super grid.
 
When construction of the second factory is complete in 2021, the production capacity of the entire Donghae Plant will increase by 250%.
 
In 2008, LS C&S built the first submarine cable factory in Korea within the Songjeong Industrial Complex located near Donghae Port (1^st factory). So far, the company has invested approximately KRW 290 billion  into the plant developing it into Asia’s largest factory specialized in submarine cables.
 
The company said, “We looked at expanding facilities at our existing sites in Poland and Vietnam to meet the increased demand for ultra-high voltage cables in Europe and Asia. However, we decided to invest in Korea rather than overseas in order to promote local employment and co-existence with the community, and also in response to Gangwon-do’s and Donghae-si’s enthusiastic administrative support.”
 
President & CEO Roe-hyun Myung of LS C&S announced, “We will foster this Donghae site so that it will fulfill its role as the outpost of Gangwon-do, which is the core of cooperation with the northern economic bloc, and north-south economic cooperation.”
 
Mr. Moon-soon Choi, governor of Gangwon-do said, “LS C&S’s ultra-high voltage plant in Donghae is meaningful as it expanded local investment, while other companies are increasing their overseas investments.”
 
Mr. Gyu-eon Shim, mayor of Donghae-si said, “This agreement for investment will provide a stepping stone for LS C&S to develop into a globally leading company. We will cooperate for the co-existence of the rural company with the community.”
 
Mr. Chul-gyu Lee, member of the National Assembly (Donghae-si, Samcheok-si) said, “We anticipate that the construction of LS C&S’s second factory in Donghae will provide an opportunity for the co-development of the community and company by promoting the local economy and local employment.”