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Biz News Korea(Eng)
Taihan Electric clinched $62 million orders in the Middle East
- Collected
- 2017.01.20
- Distributed
- 2017.01.23
- Source
- Go Direct
According to Taihan Electric Wire Thursday, it has landed two projects worth $43 million and $19 million in Saudi Arabia and Kuwait, respectively.
In Saudi Arabia, the company will supply 118km-long ultra-high voltage cable to connect electric power substation in Qurayyah to Doha, Qatar. In Kuwait, the South Korean electric company will install ultra-high voltage cable in an oil refinery to be built in Al-Zour, Kuwait.
Taihan Electric plans to carry out the project on turnkey basis in responsible from the design to facility testing.
Analysts predict a boom in the electric wire industry as incoming U.S. administration of Donald Trump pledges $1 trillion infrastructure spending. Taihan Electric performed best last year since its foray into the U.S. ,drawing orders worth more than $100 million.
Founded in 1955, Taihan Electric remained lucrative until 2008. Its business turned sluggish after president Seol won-lyang, the son of the founder, passed away in 2004 as new management expanded to non-core businesses including construction. Faced with liquidity crisis, the company went under creditor management in February, 2012. Seol Yun-seok, the grandson of the founder, resigned from management in October 2013. The company was sold off to PEF IMM Private Equity in September 2015.
By Jung Wook
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