On the 6th at LS Yongsan Tower in Yongsan-gu, Seoul, LS ELECTRIC signed an agreement with Nanya Plastics and KHI, affiliates of Taiwan’s Formosa Plastics Group, to establish a joint venture (JV) to strengthen its local power business in Taiwan, and posed for a commemorative photo. From left in the back row: Koo Ja-kyun, Chairman of LS ELECTRIC (second), Chae Dae-seok, CEO of LS ELECTRIC (fourth), Park Woo-bum, Head of the East Asia Division at LS ELECTRIC (center, front row), Wang Jui-yu (王瑞瑜), Executive Committee Member (Chairman) of Formosa Plastics Group (third, back row), Chen Yu-sheng (陳祐聖), Senior Vice President of Nanya Plastics (first, back row), Chen Han-chin (陳漢津), Vice President of the Power Solutions Division at Nanya Plastics (first, front row), and Park Dong-seob, CEO of KHI (third, front row). 2026.10.6, courtesy of LS ELECTRIC
LS ELECTRIC announced on the 7th that it has signed an agreement with Formosa Plastics Group, Taiwan’s largest petrochemical company, to establish a joint venture (JV) that will lead the local power business in Taiwan.
The JV will be named Nanya Leoxing (南亞樂星) and will be established with LS ELECTRIC holding a 50% stake, and Formosa Plastics Group affiliates Nanya Plastics and KHI contributing 40% and 10%, respectively. Nanya Plastics is a core subsidiary of Formosa Plastics Group and Taiwan’s largest petrochemical, electronic materials, and electronic products company. Recently, it has been fostering its power solutions business, expanding its portfolio from existing power distribution products to ultra-high-voltage transmission facilities and power grid stabilization. Another Formosa Plastics Group affiliate, KHI, was established last year to invest in promising technologies under development by KAIST and to commercialize them jointly.
The joint venture plans to secure local capabilities in Taiwan across the full spectrum of power projects, from order intake to design and technical response. The strategy is to enhance competitiveness in securing contracts by combining LS ELECTRIC’s capabilities in power equipment manufacturing and design with Nanya Plastics’ local production base and network.
The Taiwanese government is pursuing a carbon-neutral policy that aims to increase the share of renewable energy to as much as 70% of the total power mix by 2050. In line with this, it is actively investing in power infrastructure such as eco-friendly power facilities, energy storage systems (ESS), and smart grid construction.
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