KORYO CABLE is launching company-wide capability enhancement initiatives to expand its domestic market share. The company's strategy is to increase the proportion of the civilian market through large-scale investment, secure a foundation for mid-to-long-term growth engines, and ultimately transform into an energy-specialized enterprise.KORYO CABLE, a leading wire and cable manufacturer representing the Daegu-Gyeongbuk region, announced that it has been pursuing the expansion and relocation of its headquarters to Seongeo 3rd Industrial Complex since last year. With the design of the new headquarters and factory now complete, the company is targeting completion and occupancy within the year.KORYO CABLE took the first step in its headquarters relocation plan by signing a domestic investment agreement with the city of Daegu in August last year. Having decided to expand domestic investment in place of partially scaling back its overseas Myanmar operations, the company acquired approximately 26,670㎡ (around 8,067 pyeong) of the western STX Heavy Industries site and plans to invest a total of ₩51.8 billion by 2023 to build a power cable manufacturing plant capable of responding to the energy transition era's grid evolution and eco-friendly carbon reduction trends.
Following the headquarters relocation, the company plans to prioritize: ▲ expanding new products, ▲ increasing productivity, and ▲ innovating manufacturing systems.
In particular, the company intends to actively introduce automation systems — which had been delayed at the existing headquarters due to space constraints and aging facilities — to maximize production capabilities, improve response speed to customer demands, and enhance competitiveness in the civilian market through cost reduction.CEO Jung Yong-ho stated, "We made the decision to relocate from the site where we have been rooted for the past 60 years with the mindset of achieving a 'second founding.' At our new location, we will consolidate our existing wire business while also beginning the groundwork for pursuing new industries."This investment plan also reflects CEO Jung's mid-to-long-term growth vision for KORYO CABLE. With the power industry ecosystem rapidly changing amid carbon neutrality and energy transition trends, CEO Jung believes it is necessary to proactively establish a response framework to seize the new opportunities emerging for the wire and cable industry.CEO Jung noted, "The traditional transmission and substation-centered grid network will struggle to keep pace with the energy transition, so building new grid networks for expanded distributed power sources will emerge as the industry's immediate challenge. Through proactive investment, we aim to secure the momentum to lead grid network changes in the domestic power market."He also conveyed his ambition to begin in earnest the groundwork for transforming KORYO CABLE into an energy company alongside the headquarters relocation, stating, "As Daegu City is a local government promoting the energy industry as one of its five new industries, we will diversify our business areas, including pursuing renewable energy projects. Under the conviction that the wire and cable industry is at a turning point toward its next stage, we will do our utmost to contribute to the advancement of the company and the industry as a whole."Source: Electric Times (https://www.electimes.com)
