LS Cable to invest US$680 mln to build cable plant in U.S.

LS Cable and System Ltd., South Korea's biggest cable company, said Wednesday it will invest over US$680 million to build a cable plant in the United States by 2027 to meet growing local demand. LS GreenLink USA, Inc., a wholly owned subsidiary of LS Cable, will build the submarine power cable plant in Chesapeake, Virginia, as part of its global expansion strategy, the company said in a statement. "The facility will not only bolster our capacity to meet the increasing global demand for submarine power cables but also establish us as a leader in the industry," LS Cable President and CEO Koo Bon-kyu said in the statement. LS Cable expected the U.S. submarine cable market to grow more than 30 percent annually in the next 10 years. The company has 11 domestic cable plants and 11 overseas ones in eight countries. Source: Yonhap News Agency