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Here's the news from the LS tractor.

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(CLOB) LG Cable Group Renamed LS Group SEOUL, Jan 19 Asia Pulse LG Cable Group, a midsize family-run conglomerate, changed its name to LS Group Wednesday, becoming South Korea's 15th-largest business group by assets. 

LG Cable Group, whose flagship is the leading electric cable maker LG Cable Ltd. (KSE:006260), was spun off from LG Group in 2003. The nation's antitrust regulator slapped a cross-shareholding ban on LG Cable Group in April last year. Unveiling its new corporate identity, a group official said the new name signifies the group's commitment to providing business solutions. "LS stands for leading solution, which means that our business focus will expand to provide a range of solutions, including communication services," he said. The group's main business line is the production of optical fiber cables. 

The official said the group will officially use its new name after obtaining approval at an annual shareholders meeting in March. The group has 16 subsidiaries whose total assets amount to 5.1 trillion won. Including state-invested corporations, the group is the country's 22nd-largest conglomerate. 

(Yonhap)


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