Superior Essex Co. (SPSX), an American unit of South Korean conglomerate LS Group, has established a production plant in Serbia to make a foray into the winding wire market in Europe.
LS Group announced Thursday that with some 1,000 people attending the ground-breaking ceremony for the plant in in Zrenjanin, Serbia, including Serbian President Aleksandar Vučić, LS Group Chairman Koo Ja-yeol and LS Corp. Vice Chairman Lee Kwang-woo. SPSX plans to invest some 25 billion won (23.4 million U.S. dollars) to build the production plant in Zrenjanin and consider more investment in the future.
The company will establish 42 lines capable of producing 12,000 tons of winding wires by the end of this year and start operation in earnest from next year.
Based in Atlanta, the United States, SPSX is the world’s No. 1 maker of winding wires and the fourth-largest maker of communication cables in the United States in terms of sales. The company has been showing a sound performance since it returned to profit in 2016. It recorded sales of more than 2 billion dollars last year. It is a sole supplier of motor winding wires to the U.S. electric vehicle maker Tesla Motors.
Ji-Hyun Kim email@example.com