[Asia Economy Reporter Su-yeon Woo] LS Electric is introducing its smart factory technology to ambassadors from major ASEAN countries in Korea and exploring ways to expand its business in those countries.
On the 25th, LS Electric invited members of the 'ASEAN Committee in Seoul (ACS),' consisting of 10 ambassadors from ASEAN countries residing in Korea, to its Cheongju plant to tour one of the nation's top smart factory sites and discuss future business and technical cooperation plans for the ASEAN region.
ACS's key members include ambassadors from 10 countries: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. Last month, LS Group hosted ACS at LS Yongsan Tower to discuss mutual cooperation plans between LS and ASEAN countries.
On this day, Koo Ja-kyun, Chairman of LS Electric, welcomed key ambassadors from ACS member countries, including Rommani Kananurak, Ambassador of Thailand to Korea, Eric Teo, Ambassador of Singapore to Korea, and Nguyen Vu Tung, Ambassador of Vietnam to Korea, at the Cheongju plant and personally introduced the G Building smart factory production line.
The G Building at LS Electric's Cheongju plant is equipped with an automated system across the entire production line, including assembly, testing, and packaging of LS Electric's main products, low-voltage power devices, and is recognized as one of the top smart factories in Korea. Since 2011, LS Electric has invested over 20 billion KRW over four years to build and develop this smart factory as a business model.
Chairman Koo explained, "Since establishing the smart factory, equipment idle time has been cut in half, and productivity has improved dramatically by more than 60%. Energy consumption has also decreased by over 60%, and the defect rate has plummeted to about 7 per one million units, achieving a triple-win effect."
He added, "Through the convergence of ICT and automation technologies, smart factory technology that enables not only mass production of various products but also customized, small-lot, multi-product production is expected to be widely disseminated to ASEAN countries, our partners in the global market. LS Electric hopes to contribute not only in technology development but also in commercialization aspects."
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