Korean conglomerate trying to turn crisis into opportunity
South Korea’s LS Group announced on March 29 that the conglomerate would continue to find new growth engines in such high-tech areas as batteries along with its suppliers.
Toward that end, the group said that leaders from its affiliates and partners had convened together last September for the second time after 2022.
More than 120 took part in the event where participants attempted to find win-win solutions.
As a part of efforts to expand its business horizon through corporate cooperation, LS Group joined hands with L&F last year to found a joint venture called LS L&F Battery Solution.
Through the business alliance, LS plans to grapple with the U.S. Inflation Reduction Act, which obliges electric vehicle makers to assemble their products in North America to qualify for tax credits.
LS Cable & System teamed up with a medium-sized enterprise to come up with an i-Check monitoring system.
Through the system based on Internet-of-things sensors, its users can recognize any problems in their electric cables to prevent any accidents like power failures or fires.
Many big companies with high power consumption started adopting the i-Check system in such businesses as semiconductors, displays, steels, and petrochemicals.
LS Cable & System also collaborated with another medium-sized corporation in the telecom business so as to make a test device for LAN cables.
LS Electric created a 10 billion won ($7.4 million) fund in 2020 to work on smart factories together with small- and medium-sized partners.
The company also put forth great efforts to help its partners in info-tech infrastructure, quality control, productivity improvement, and various development works, according to LS Group.