LG Unveils Vision for Home Appliance Leadership
Sets Sights on Becoming the Top Global Home Appliance Manufacturer by 2014
SEOUL,– LG Electronics (LG) today unveiled its vision and aggressive plans for its home appliance business.
LG will target double-digit growth in 2011 and push for sales of $20 billion in 2014 to position the company as the top global home appliance manufacturer. LG plans to maintain its leading position in its core business sectors such as washing machines and refrigerators while building a foundation for growth in new business areas including water treatment and built-in appliances, or premium kitchen packages.
“This year will be the beginning of a new era of home appliances. By that I mean that we have reached the tipping point where appliances are now run entirely by CPUs and computer code,” said Young-ha Lee, President and CEO of the LG Electronics Home Appliance Company. “Just as automobiles became rolling computers a decade ago, home appliances are experiencing the same transformation. As one of the few companies that’s involved in the core technologies behind consumer electronics and home appliances, I’m enthusiastic about LG’s opportunities to drive the transformation of smart appliances over the next few
For 2011, LG will concentrate on highlighting and differentiating its core technologies such as the Inverter Direct Drive™ for its washing machines and Linear Compressor for its refrigerators. In addition, by raising the energy efficiency of its core technologies by more than 30 percent over existing appliances, LG plans to meet and exceed ever-stricter environmental regulations in markets around the world, including North America and Europe.
Lee said that LG will continue to build on its leading position in built-in appliances in the United States and in European countries, targeting annual sales of KRW 1 trillion by 2015. Building on its strong relationship with Viking Range in the United States (an alliance launched in 2010 for joint development and distribution cooperation), LG also plans to further expand its participation in the premium built-in home appliance market.
The company also plans to further expand its marketing and R&D staff to ramp up its young water treatment business. At the same time, in order to ensure its global capability in this sector as fast as possible, LG is also reviewing opportunities for strategic partnerships with established water treatment players at home and abroad.
From a regional perspective, LG will further strengthen its premium image in advanced regions such as in the U.S. and European countries by working closely with clients and partner companies to deliver accurate sales forecasts and streamline supply logistics. For emerging markets including Brazil and Africa, LG plans to build market share by tailoring products to meet local consumer needs.
At the CES 2011, LG introduced its complete range of smart solutions based on its groundbreaking new THINQ™ technology. Comprised of five key features – Smart Grid, Smart Diagnosis™, Smart Access, Smart Adapt and Food Management – LG THINQ technology offers a complete smart solution that lets consumers manage their homes in a more centralized and convenient way. The company also presented its plans to launch new products that employ smart grid technologies in 2011 in anticipation that they will help deliver consumer benefits and establish a platform for LG’s future green growth.
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