LG Closes One of the Largest Audio Systems Deal with Volkswagen
Seoul - LG Electronics, a leading provider of business solutions, today announced that it has reached an agreement with the Volkswagen Group of Wolfsburg, Germany to become one of the leading suppliers of car audio systems for three of Volkswagen’s automobile brands starting in 2012. The deal with Volkswagen, currently the third largest automobile manufacturer in the world and the largest in Europe, is worth approximately US$370 million.
LG will be one of the largest suppliers of audio systems for three different automobile brands under the Volkswagen Group -- Volkswagen in Germany, SEAT in Spain and Škoda in the Czech Republic. This significant deal is a result of an ongoing collaboration between the two companies since a 2007 partnership in car audio systems. LG Electronics is now a major global provider of car infotainment solutions as a result of these deals.
LG’s car audio systems display information from various electronic control units inside the vehicle and provide diagnostics reporting on the condition of components including speakers, antenna and other peripheral devices. It also helps users easily connect to external media via Bluetooth, USB and SD. In addition, the Color Thin Film Transistor Liquid Crystal Display (TFT LCD) provides clear images and the dual-tuner system boosts radio reception.
“LG Electronics has successfully demonstrated its superior in-car technology over the years and we are excited about the opportunity to work with Volkswagen again,” said B. B. Hwang, executive vice president and CEO of Business Solutions Company. “LG is currently developing a diverse product line-up for car infotainment which we will be unveiling in the near future.”
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About LG Electronics, Inc.
LG Electronics, Inc. (KSE: 066570.KS) is a global leader and technology innovator in consumer electronics, mobile communications and home appliances, employing more than 84,000 people working in 115 operations including 84 subsidiaries around the world. With 2008 global sales of $44.7 billion, LG comprises of five business units – Home Entertainment, Mobile Communications, Home Appliance, Air Conditioning and Business Solutions. LG is one of the world’s leading producers of flat panel TVs, audio and video products, mobile handsets, air conditioners and washing machines. LG has signed a long-term agreement to become both A Global Partner of Formula 1™ and A Technology Partner of Formula 1™. As part of this top-level association, LG acquires exclusive designations and marketing rights as the official consumer electronics, mobile phone and data processor of this global sporting event. For more information, please visit www.lge.com.
About LG Electronics Business Solutions Company
The LG Electronics Business Solutions Company is a leading business-to-business (B2B) infotainment company, developing a broad range of top-class digital devices and solutions including LCD monitors, commercial displays, car infotainment and security systems. LG anticipates future business trends and provides unique devices and services that offer smart and reliable solutions to meet the needs of business partners and customers. With 2008 global sales of $4.3 billion, the Business Solutions Company is poised for continuing rapid growth.
About Volkswagen Group
The Volkswagen Group with its headquarters in Wolfsburg is one of the world’s leading automakers and the largest carmaker in Europe. The Group operates 61 production plants in European countries and in the Americas, Asia and Africa. The Group sells its vehicles in more than 150 countries. Around the world, nearly 370,000 employees produce more than 26,600 vehicles each working day. The Group is made up of 10 brands including Volkswagen Passenger cars, Škoda, Bentley, Bugatti, Audi, SEAT, Lamborghini, Volkswagen Commercial Vehicles, Scania, and Porsche.
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