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LS Cable wins US$100 mln deals from Canada, U.S.

All News 09:15 January 21, 2016

SEOUL, Jan. 21 (Yonhap) -- LS Cable & System, a South Korean wire and cable maker, said Thursday it has won deals worth a combined US$100 million to supply submarine cables.

Under a $47 million deal with the New York Power Authority, LS Cable will supply undersea cables that will replace existing cables. LS Cable has also won a separate $54 million deal from Canada.

LS Cable currently operates Asia's biggest undersea cable-producing plant in the country.

The global market for undersea cables is expected to reach 8 trillion won in 2018, more than doubling from this year.

Meanwhile, the company's Vietnamese unit is seeking to get listed on the South Korean stock market.

LS Cable Asia, set up in April last year, has two local operations under its wing and is the largest cable maker in Vietnam with a 30 percent market share.

sam@yna.co.kr
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