■ IS (Industrial System), the company’s name for the past 33 years, is set to vanish into history ••• New name was finalized at shareholders’ meeting
■ The first integrated CI equally integrated in Korean and English for the first time since its foundation back in 1974. ••• Company now aims to penetrate global power, automation, and smart energy markets
■ Chairman Ja-Kyun Koo says: “Taking a new leap forward to become a global powerhouse through ‘Evolution beyond innovation!’”

LSIS, the leading company in the Korean power and automation industries, is changing its corporate name to LS ELECTRIC in a bid to accelerate the expansion of its global business. The name change follows on from a radical reorganization of the company – including the formation of the Global Business Group – at the end of last year, and is a major step toward expanding its global business.

On March 24, LSIS announced that the shareholders’ meeting held at the LS Tower in Anyang, Gyeonggi-do province had approved the new corporate name of LS ELECTRIC.

Following the preparations for the name change that began at the end of the last year and the approval by the shareholders’ meeting on March 24, the change to LS ELECTRIC will be finalized when the company registers it sometime this month. The official name will be LS ELECTRIC Corporation, and the trademark will be LS ELECTRIC, using an integrated CI for both Korean and English.

LSIS has been using “IS” in its name ever since it changed its name from Lucky Packing Co., Ltd. (founded in 1974) to Goldstar Industrial Systems Co., Ltd. in March 1987. It then changed its name to LGIS in 1994, and again to LSIS in 2005 after it was spun off from LG Group.

The new change of name reflects the company’s firm commitment to strengthening its global business and customer-centered management. The company determined that the use of “IS” in the name had limited its identity to industrial electrical and automation fields. Therefore, it decided to change the name to reestablish its corporate identity as part of its ongoing efforts to address the demands of the Fourth Industrial Revolution and to signify its convergent business in smart energy and other fields in global markets.

Therefore, the new name reflects the company’s image as a leader of the domestic and global markets and its evolution from a device-based into a solution platform-based company through specializing in manufacturing technology with the convergence of ICT and IoT, Industry 4.0 solutions, and smart power transmission/distribution technology.

“The proud name ‘IS’ has fulfilled its role in the company’s history as the no. 1 player in the industrial power and automation fields, and we are now ready to write a new chapter with an urgent sense of responsibility and mission under the new name of LS ELECTRIC. Recognizing that the key to opening up an era of new growth lies with overseas markets, let us take a new leap forward to become a global powerhouse through “Evolution beyond revolution!”, said CEO Ja-Kyun Koo.

“We have changed the name to LS ELECTRIC in a bid to establish a new identity as a smart energy company beyond our current image of a safe and efficient electrical energy solutions company. We plan to proclaim a new vision in order to secure the management’s focal point and to implement continuous changes and innovations, so that the name change leads to changes in our employees’ ways of thinking,” stated an LS ELECTRIC official.