Korea LS Cable Corporation will establish a winding wire production plant in Serbia to expand its business in the European market.LS Group announced that its US cable manufacturing subsidiary, Superior Essex, will be responsible for the construction of this new plant. It will invest 18.5 million euros in the Zrenjanin area, about 90 kilometers from the capital Begur, and will cover an area of 40,000 square meters. It is planned to be completed by the end of this year. 42 production lines and 12,000 tons of winding line capacity will be put into operation next year.
It is reported that LS Cable Group has been actively expanding its overseas business. Last year, an electric vehicle component manufacturing subsidiary was established in Poland and a retail subsidiary was established in France. LS Industrial Systems completed the construction of solar power stations and energy storage systems in Japan.
In 2008, LS Cables acquired Atlanta-based Superior Essex, the largest-selling winding manufacturer in North America and the fourth-largest manufacturer of telecommunications wires. Superior Essex conducts overseas business in more than 10 countries including China, Germany and Italy, and holds approximately 20% market share in the European market.
Superior Essex has performed well since the return to profitability in 2016. Last year, its pretax profit was $58 million and sales were $2 billion. It is the sole supplier of motor winding wires for Tesla Motors, an American electric car maker.
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