LS Industrial Systems said Tuesday it will change its name to LS Electric and accelerate the expansion of its global business.

The South Korean electric power and automation equipment provider has retained the name LSIS since 2005 after previously being known as LG Industrial Systems. The firm separated from LG Group in 2003.

LS Electric said the change reflected the company’s strong commitment to strengthening its global business and customer-centered management.

“(The name) Industrial System was viewed as if its business is limited to industrial electricity and automation. But the company has been pursuing to redefine corporate identity in the fourth industrial revolution that promotes digital transformation and artificial intelligence,” the firm said.

Chairman Koo Ja-kyun said the name Industrial Systems had “fulfilled its duty,” and the firm must now “write new history” with a heavy sense of responsibility.

He has vowed to make LS Electric a global company through its management philosophy “Evolution Beyond Revolution,” recognizing that overseas markets are key to growth.

The company has prepared for the name change since the end of last year. The change will be approved at the shareholders meeting Tuesday and officially registered this month.

By Shin Ji-hye (shinjh@heraldcorp.com)