Busan is good

Completion of LS ELECTRIC Co., Ltd. Busan Plant’s Second Production Building, Establishing a Global Hub for Power Equipment Manufacturing

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Busan Metropolitan City (Mayor Park Heong-joon) announced that the completion ceremony for the “LS ELECTRIC Co., Ltd. Busan Plant Second Production Building” will take place today (December 4) at 10:30 a.m. at the company’s Busan Plant located at 552-2 Hwajeon-dong, Gangseo-gu.

The ceremony will be attended by approximately 200 participants, including Mayor Park Heong-joon; Koo Ja-eun, Chairman of LS Group; Koo Ja-kyun, Chairman of LS ELECTRIC Co., Ltd.; Lee Ho-hyeon, Second Vice Minister of the Ministry of Climate, Energy and Environment; Lee Jong-hwan, Vice Chairperson of the Busan Metropolitan Council; Yang Jae-saeng, Chairman of the Busan Chamber of Commerce and Industry; Kim Hyeong-chan, Mayor of Gangseo-gu; and Kim Nam-gyun, President of the Korea Electrotechnology Research Institute. The program will include an opening performance, welcome remarks and congratulatory messages, a plaque of appreciation ceremony, and the official completion ceremony.

The newly completed second production building at LS ELECTRIC Co., Ltd.’s Busan Plant was constructed to respond to the surging global demand for power equipment. With its completion, the plant will employ a total of approximately 750 people and will establish itself as a global production hub capable of manufacturing ultra-high-voltage transformers valued at around KRW 600 billion annually.

LS ELECTRIC Co., Ltd., a company specializing in power and automation equipment and provider of eco-friendly (green) energy solutions, invested KRW 108 billion to expand the second production building in response to the increasing demand for power equipment driven by AI-based infrastructure expansion and the growth of renewable energy investment.

Following completion, the Busan Plant will hire more than 330 new employees, bringing total employment to about 750 people. The production capacity for ultra-high-voltage transformers is also expected to increase to approximately KRW 600 billion annually.

To ensure LS ELECTRIC Co., Ltd.’s investment progressed without delay, Busan Metropolitan City designated a “dedicated public official” to provide close administrative support, including assistance with licensing and permits.

In January this year, Mayor Park Heong-joon personally visited the construction site to listen to and resolve corporate difficulties related to partial use of the western green buffer zone.

The city has continued operating its “Dedicated Public Official Program for Large-Scale Investment Sites,” working closely with the company to ensure timely administrative support such as factory expansion permits and handling of corporate difficulties and requests.

LS ELECTRIC Co., Ltd. plans to present a plaque of appreciation to the city during the completion ceremony in recognition of its administrative support throughout the construction process.

Koo Ja-kyun, Chairman of LS ELECTRIC Co., Ltd., stated, “To secure leadership in the global power industry, LS ELECTRIC boldly invested KRW 108 billion last year to expand the second production building in Busan. Since 2010, we have invested more than KRW 420 billion in total, and it is deeply meaningful to mark the completion of the second production building today at the Busan Plant, which is set to become a forward base for the K-power industry.”

He added, “We will continue to work together with the local business community and, through steady investment, strive to ensure that the Busan Plant of LS ELECTRIC Co., Ltd. becomes the driving force for the K-power industry to grow into Korea’s next major strategic sector.”

Mayor Park Heong-joon stated, “I regard it as very meaningful that the site where we resolved corporate difficulties earlier this year has now safely reached completion. Busan Metropolitan City will continue to work diligently even after completion to ensure that LS ELECTRIC Co., Ltd.’s second production building at the Busan Plant operates stably in the region and grows into a global hub for ultra-high-voltage transformer production by actively addressing corporate challenges and regulatory issues.”