LS Electric shares have surged by over 9% following news of an expansion at its Utah plant.
As of 1:53 PM on June 29, the company’s stock was trading at 221,500 won, up 18,500 won (9.11%) from the previous trading day, according to the Korea Exchange.
The increase in stock price is attributed to LS Electric's announcement of plans to enhance its production facilities in the U.S. to strengthen its foothold in the North American market.
On June 25, LS Electric held a groundbreaking ceremony for the expansion of its facility in Cedar City, Utah. The company plans to invest a total of 250 billion won in this project.
The expansion will add 66,115 square meters to the existing 13,223 square meters of production space, bringing the total to 79,338 square meters. This represents an increase of approximately six times the current production capacity, with operations expected to begin in early 2027.
Jang Nam-hyun, a researcher at Korea Investment & Securities, noted, "LS Electric's contracts for supplying products to North American data centers are continuously increasing. With a delivery speed that is over 30% faster than competitors, the company is expected to continue expanding its orders."
LS Electric aims to develop the Utah plant not just as a production base but also as a strategic hub for customized design and research and development (R&D) tailored to local customers.
* This article has been translated by AI.
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