POSCO DAEWOO signs W50 bil. transformer deal with Britain’s National Grid
-Company to supply 23 high-pressure transformers to National Grid
-Deal reflects deep trust between the two companies
-POSCO DAEWOO tries to expand business scope to other tech-intensive products
POSCO DAEWOO said wednesday that it had secured a 50 billion won ($44 million) transformer order from National Grid, a British multinational electricity and gas utility company headquartered in Warwick.
Under the deal, South Korea’s biggest trading company will supply 23 high-pressure transformers, made by Hyundai Electric & Energy System, to National Grid-owned power stations in Britain from 2018 to 2020.
POSCO DAEWOO has supplied 25 transformers valued at 130 billion won to the British company since 2011 and is expected to deliver nine more.
The latest deal reflects trust between POSCO DAEWOO and National Grid that has been built on the two companies’ business dealings.
“The latest deal acknowledges POSCO DAEWOO’s reputation as a creditable transformer supplier,” a POSCO DAEWOO official said. “We will try to expand the scope of products we can deal with to gas insulated switchgear and other tech-intensive products.”
Meanwhile, POSCO DAEWOO is involved in various electricity-related businesses in Ukraine, Myanmar and the United States and is trying to expand in the industry.