November 23, 2024

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(Taihan Cable & Solution)

Taihan Cable & Solution, South Korea's second-biggest cable company, said Friday it has obtained a $82 million power grid replacement deal in the United States.

With the latest order, Taihan Cable has already received $140 million worth of power grid contracts in the US in the first three months of this year, the company said in a statement.

The company's power grid deals in the US marked a record $300 million in 2022 and slightly fell to $250 million last year.

This year, Taihan Cable expects to win further deals in the world's biggest economy as more than half of the country's decades-old power grid networks require replacement, the statement said.

Globally, demand for power grid replacement is on the rise as companies invest more in artificial intelligence, semiconductors and renewable energy businesses.

For all of 2023, Taihan Cable's net profit more than tripled to 71.87 billion won from 21.83 billion won a year earlier, helped by overseas deals. (Yonhap)