Taihan Cable & Solution (Taihan Cable) announced that it has signed an agreement with KG Steel at Hoban Park in Seocho-gu, Seoul, South Korea, that will provide Taihan Cable with the land it need to build a second submarine cable factory.

Per an on-line report in Korea IT Times, a signing ceremony was held that included Vice Chairman Song Jong-min and President Park Sung-hee of Taihan Cable. They were with management from the parent companies, including Kim Dae-heon, planning president of Hoban Group, and Kwak Jeong-hyun, strategy president of KG Group. The event emphasized both groups’ commitment to strengthening business cooperation and establishing a forward-looking collaboration model. “Through the purchase of convertible bonds, KG Steel will receive 110 billion won (approximately $78.5 million) for the land, reflecting its high valuation of Taihan Cable’s potential growth in the submarine cable sector and the belief that their collaboration will generate future value.”

The acquired site, approximately 215,000 sq m, is located in the Godeok District, Asan National Industrial Complex in Dangjin, South Chungcheong Province. It is adjacent to Taihan Cable’s existing first submarine cable factory. This area forms Korea’s largest cable production cluster, close to Taihan Cable’s major production facilities—the Dangjin Cable and Solution Factories. Taihan Cable plans to produce submarine cables, underground cables, and power and communication-related products in this integrated location, maximizing synergy effects.

The new factory will include a VCV tower for producing 620kV class HVDC submarine cables and external network submarine cables. “Furthermore, both companies intend to bolster their collaboration in the North American market, leveraging their years of experience and expertise to explore opportunities for increased exports to the U.S. and joint business ventures.”