LS Marine Solution Joins LS Buildwin... Under CEO Koo Bon-gyu's Leadership

Integration of Subsea and Underground Cable Installation Capabilities

LS Marine Solution is strengthening its expertise in cable construction by incorporating LS Buildwin, which specializes in underground cable construction, as a subsidiary. The CEO position will be concurrently held by Koo Bon-gyu, CEO of LS Cable & System.

On the 19th, LS Marine Solution held a board meeting and resolved to conduct a third-party allotment capital increase targeting its parent company and largest shareholder, LS Cable & System, and to acquire shares of LS Buildwin. The acquisition amount is 70.9 billion KRW.

With this resolution, LS Marine Solution will acquire 100% of LS Buildwin’s shares held by LS Cable & System through a capital contribution in kind. By acquiring LS Buildwin’s shares, LS Marine Solution will have capabilities in both submarine and underground cable construction.

LS Marine Solution's laying vessel GL2030.
[Photo by LS Marine Solution]

An LS Marine Solution official explained, "Through vertical integration, we have strengthened expertise and efficiency, securing various advantages such as cost reduction, consistent quality maintenance, and shortened construction periods. By managing the construction business in an integrated manner, we can provide customers with a one-stop solution and further enhance our competitive edge in the global market."

Additionally, on the same day, Koo Bon-gyu, CEO of LS Cable & System, was appointed as an inside director of LS Marine Solution. CEO Koo will officially assume the CEO position after the shareholders’ meeting and board meeting scheduled for October.

The company stated, "This is the first time CEO Koo will concurrently serve as the head of a subsidiary," adding, "It reflects a strong commitment to strengthening responsible management."

This content was produced with the assistance of AI translation services.