LS Electric teams up with Formosa Plastics affiliates for Taiwan expansion

<report 6647d1cd-fc5>

LS Electric, a Korean manufacturer of power equipment and automation systems, has announced a strategic partnership with two affiliates of Taiwan's Formosa Plastics Group to expand its presence in the Taiwanese market. The joint venture, which will be based in Seoul, will focus on securing power infrastructure projects in Taiwan.

LS Electric will hold a 50% stake in the venture, while Nan Ya Plastics and KHI will each contribute 40% and 10% respectively. Nan Ya Plastics, a core affiliate of Formosa Plastics Group, specializes in petrochemicals, electronic materials, and electronics, and has been gradually transitioning from product distribution to more advanced power solutions such as extra-high-voltage transmission equipment and grid stabilization.

KHI, on the other hand, is a relatively new entity, established last year with investment from Formosa Plastics Group to commercialize technologies developed at the Korea Advanced Institute of Science and Technology, a prestigious state-run research university. The joint venture's initial focus will be on building local capacity to handle bidding, design, and technical support for Taiwanese power projects, leveraging LS Electric's manufacturing capabilities and expertise in power equipment and automation systems.

Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.