LS Cable & System Ltd. said Wednesday it seized a 20 billion-won ($17.6 million) deal to supply optical fiber cables for a high-speed network project in Italy in what is seen as Korea’s largest overseas contract of its kind. The firm is also considering building a manufacturing base in Europe amid growing demand.
The company beat out other European consortiums, said a LS C&S official.
The project was ordered by Open Fiber, an Italian broadband infrastructure firm spun off from the country’s largest power company Enel, to provide fiber optic cables making up the high-speed communication networks in 40 cities throughout Italy.
This is LS C&S’s second contract after winning the first one for the same project last year. It also participated in the test operation of Italy’s optical fiber installation project in 2014.
Korea’s leading cable maker is making aggressive inroads into Europe. In April, it established a sales entity in France, foreseeing an investment boost in high-speed networks in France and neighboring countries.
The firm is also mulling building a production base in Europe. “Poland is the most likely candidate considering its basic infrastructure, quality of labor and political stability,” said Myung Roe-hyun, chief executive of LS C&S.
Myung attributed the closing of the recent deal to the company’s efforts to provide customized products for European clients. “We expect to win additional orders as several large-scale bids are scheduled in the second half,” he added.
By Moon Ji-woong
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]