Hanwha, Taihan to spur global sales of extra-high voltage cables

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Hanwha, Taihan to spur global sales of extra-high voltage cables - Korea Economic Daily

Quick Summary:

The companies aim to strengthen the competitiveness of made-in-Korea extra-high voltage cables and cable materials to meet surging demand for the global power grid, while decreasing the country's reliance on imports of the products.“As global electricity demand has rapidly increased, it has been very important to collaborate to strengthen the competitive edge of domestic production,” said Hanwha Solutions’ chemical division Chief Executive Nam Yi Hyeon.“Based on the two companies’ capabilities and technologies, we will develop world-class quality products and expand our global market share,” the CEO added.“We will expand our cooperation with the groups’ affiliates to raise our corporate values and strengthen Korea’s competitiveness in the global (cable) market,” said Taihan Cable CEO Song Jong Min.

Hanwha Solutions Corp., the chemical and renewable energy unit of South Korea’s No.7 conglomerate Hanwha Group, and Taihan Cable & Solution Co.will join forces to increase domestic production of extra-high voltage cable and cable materials to spur sales in the global energy market.

They will build a strategic partnership to develop a high-voltage direct current (HVDC) system, which is used for long-distance power transmission, and cross linked-polyethylene (XLPE) for cable insulation as well as to expand their global sales networks.