- 22Nov2012LS Cable & System becomes a world-class cable maker on its 50th anniversary
LS Cable & System celebrates its 50th anniversary on November 23.
Since its founding, sales have increased 5,350 times, assets rose 3,224 times.
LS Cable & System has risen to become the global No. 3 cable maker.
Length of copper wires produced is 300 times the circumference of the Earth.
LS Cable & System (Chairman & CEO Christopher Koo) celebrated its 50th anniversary in the auditorium of Anyang LS Tower at 4:00pm on November 23. Domestic and foreign executives, including Chairman & CEO Christopher Koo, President & CEO Jongho Son, President & COO Jaeun Koo and Satoh Norio, former Chairman of Japan’s Hitachi Cable, Ltd., and 400 guests attended the ceremony.
Appreciation plaques were presented to KEPCO, KT and Japan’s Hitachi Cable for their contribution to the growth of LS Cable & System, and executives and employees will receive achievement awards and commendations for their long service.
LS Cable & System has continued to grow rapidly since its founding in 1962. Since then sales have increased 5,350 times from KRW1.65 million in 1967 to KRW8.8 trillion in 2011 (IFRS), and its assets have burgeoned 3,224 times from KRW1.83 billion in 1967 to KRW5.9 trillion in 2011. The number of employees also rose dramatically from 430 in 1967 to 9,100 in 2012. Among them 6,000 are working overseas where 60% of sales now come from. LS Cable & System is a global enterprise both in name and reality. Considering that the global No. 1 cable maker, Prysmian (founded in 1879, with 2011 sales being KRW10.3 trillion), and global No. 2, Nexans, (founded in 1897, with 2011 sales being KRW9.5 trillion), were established more than 100 years ago, LS Cable & System can say that it has achieved astonishing results in less than half the time.
The amount of copper LS Cable & System has produced and used in the past five decades is about 5 million tons. This is equivalent to the weight of 2.5 million large passenger cars. Calculated in terms of the most frequently used 8mm copper wire used for power cables, this is a whopping 11,250,000km, which is enough to circle the Earth (about 40,000km) about 300 times, or 30 times the distance from the Earth to the Moon (about 383,000km).
“The cable business is not only a cable manufacturing business, but also a type of logistics business that delivers energy and information at the time and place that consumers want,” said Chairman & CEO Christopher Koo in celebration of the 50th anniversary. “Based on the competencies we accumulated over the past 50 years, we will try and make LS Cable & System the central global producer of cables in the next half century.”
“Thanks to business model innovation, reinforcement of global competencies, and technological innovation, we have become a world-class enterprise with a global presence. We currently have 38 production plants in 26 countries, 64 sales bases and 4 research centers,” said President & CEO Jongho Son. “We will become a continuing business that provides customers with the best solutions in energy and information.”
Besides the 50th anniversary celebration, LS Cable & System will hold a special photo exhibition highlighting its 50 years of success at the head office and regional sites. And to promote partnership among employees, the company is planning to have teams from all domestic sites contribute photographs of workers in action under different themes and concepts and distribute them to all employees on DVDs.
According to LSCNS