LS Electric to Advance Payment of 93 Billion KRW to Partners

LS Electric "Promoting to Help Reduce Financial Burden on Partners"

Exterior view of the LS Electric headquarters building in Anyang-si, Gyeonggi-do / Source=LS Electric

[Asia Economy Reporter Kim Pyeonghwa] LS Electric announced on the 1st that it will make early payments of delivery amounts totaling 93 billion KRW in celebration of the Chuseok holiday. LS Electric plans to advance the payment scheduled for the 13th by 6 days and make the payment on the 7th.

LS Electric stated that since cash demands such as raw material payments and bonus payments temporarily concentrate during the holiday season, it decided to make early payments to support the operations of small and medium-sized partner companies. The company explained that this decision was made to promote mutual growth with its partners. An LS Electric official said, "We will do our best to prepare various win-win programs so that LS Electric and its partners can grow within a desirable framework of mutual growth.”

LS Electric recognizes its partners as a second workplace and practices the value of mutual growth. Since 2014, it has been advancing funds before holidays such as Seollal and Chuseok and paying amounts under 100 million KRW entirely in cash. LS Electric was the first in the industry to introduce a win-win payment system in 2013 to improve payment collection rates.

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