The Large, Medium and Small Business and Agricultural and Fishery Cooperation Foundation
3 billion won contributed to the Smart Factory Cooperation Fund
Tech Square, an open smart factory platform LS Cable & System is expanding the construction of smart factories to improve the manufacturing competitiveness of small and medium-sized enterprises.
▲ LS Industrial Systems Cheongju Smart Factory (Photo = LS Industrial Systems)
LS Cable & System announced on the 3rd that it had held a signing ceremony for the 'Mutual Cooperation Fund Contribution Agreement for Supporting the Construction of Smart Factories for Mutual Growth of Large and Small Businesses' with the Large and Small Business and Agriculture and Fisheries Cooperation Foundation (Cooperation Foundation) at the LS Tower in Anyang, Gyeonggi Province on the 21st of last month.
With this agreement, LS Industrial Systems will contribute 3 billion won to the cooperative foundation as a mutual cooperation fund and ▲establish a pool of solution suppliers ▲provide expert mentoring services ▲provide customized solutions based on LS Industrial Systems’ smart factory platform Tech Square, thereby helping to expand the supply of smart factories to domestic small and medium-sized enterprises and strengthen their competitiveness.
Kim Soon-cheol, Secretary General of the Cooperation Foundation, said, “Last year, 10 large and public companies contributed to the mutual cooperation fund for building smart factories,” and added, “We will work to attract more companies to participate in the project, starting with LS Industrial Systems this year.”
LS Industrial Systems' 'Tech Square' is an open platform where anyone, including demanders, suppliers, and industry-academia experts, can freely participate in the platform. ▲Demand-supply We provide customized corporate matching ▲life cycle mentoring ▲project management ▲maintenance services.
Unlike the existing method of providing solutions in bulk, we analyze customer status and match customers with the best companies in each field that have participated in the platform. In addition, specialized companies in each field provide customized information and solutions in the form of mentoring according to the smart factory life cycle from initial introduction to construction and maintenance.
LS Industrial Systems is directly building and operating a smart factory at its Cheongju plant. A 100% automated system has been built across all lines, from parts supply to assembly and testing packaging, enabling integrated operations such as real-time factory control, quality, and energy monitoring. After the construction, production increased by 2.7 times, energy usage was reduced by 60%, and the defect rate was reduced to 7 out of 1 million, an official said.
Meanwhile, the global market size of smart factories is expected to grow at an annual average of 9.3% from $121 billion in 2016 to $205.4 billion in 2022. The market size of core smart factories is expected to increase by about six times in five years. The domestic market size is expected to double from KRW 3.8 trillion in 2016 to KRW 6.3 trillion in 2021.
