South Korea’s LS Group will expand investment in its winding wire manufacturing plant in Serbia to build up its business footprint in Eastern Europe.
LS said Sunday that its chairman Koo Ja-yeol met with Serbian Parliament Speaker Maja Gojkovic during her visit to Seoul to discuss ways to expand business cooperation and investment in the Eastern European nation.
“LS will additionally invest in the copper wire plant to double the capacity and make it the largest copper factory in Eastern Europe” said Koo, adding that operation of the factory will be soon stabilized thanks to the high-skilled local talents and full support from the Serbian government.
Expressing appreciation for the investment, Gojkovic said she expects the company to increase personal exchange in music and sports sectors as well in which the country has strengths and enhance its corporate social responsibility activities, according to LS.
Superior Essex Co. (SPSX), LS Cable & System’s power cable manufacturing subsidiary in the U.S., built a winding wire factory in Zrenjanin, about 90 kilometers away from the capital Beograd, in November 2018 with an investment of 18.5 million euros ($20.5 million). The facility commanding a floor area of 14,000 square meters on a site of 40,000 square meters is capable of producing 12,000 tons of copper wires per annum. Serbian President Aleksandar Vucic participated in the plant’s groundbreaking ceremony and construction completion ceremony.
Source; Pulse by Maeil Business News Korea
