HAI and LS Cable & Systems establish joint venture in Korea
Austrian aluminium expert Hammerer Aluminium Industries (HAI) is focusing on strong partnerships and recently signed a new joint venture with Korean company LS Cable & Systems. Under the agreements, a joint company is to be established in Korea, targeting aluminium components for electric vehicles in the Korean market from 2025, with a focus on the production of high-strength, lightweight aluminium parts such as battery housings.
The partnership with LS Cable & Systems is another important step for HAI to further advance the company's strategic development. The joint venture strengthens the production of highly complex aluminium components for electromobility and will simultaneously serve the Korean markets locally.
LS C&S and HAI aim to create synergies and plan to combine the respective experience and expertise they have gained in the domestic and European automotive markets for a comprehensive expansion into the aluminium parts market. Both companies will contribute their technological competencies to the joint venture in order to increasingly enter the market for extruded products for electric vehicles. LS C&S has long been a supplier of high-strength aluminium parts for internal combustion engine vehicles for Hyundai Motors and Kia through its sister company LS ALSCO. HAI is the industry leader in complex aluminium components for electric vehicles and already supplies all major OEMs in Europe. The new joint venture is expected to generate sales of around 200 billion won in 2027.
The Austrian aluminium specialist's products can be found in the construction sector as well as in automotive and transport technology, electrical engineering and mechanical and plant engineering - through the new joint venture they will run in the Korean market for electric vehicles. Founded in 1962, LS Cable & System has contributed to the development of power and communication networks by designing, manufacturing and supplying cables and related solutions used in daily life and in many industries, first in Korea and then in countries around the world.