South Korea's largest cable company, LS Cable & System Ltd., announced on Wednesday that it plans to invest $680 million in building a cable factory in the United States by 2027 to meet the increasing local demand.
LS Cable's US subsidiary, LS GreenLink USA, said in a statement that as part of its global expansion strategy, the company will build a submarine power cable factory in Chesapeake, Virginia.
In the statement, Koo Bon-kyu, president and CEO of LS Cable, said, 'The factory will not only enhance our capabilities to meet the growing global demand for submarine power cables, but also make us a leader in the industry.'
LS Cable expects the US submarine power cable market to grow at a rate of more than 30% per year over the next decade.
The company has 11 cable factories in South Korea and 11 overseas cable factories in eight countries.