LG Electronics and Siemens Announce MOU Agreement

Seoul, Korea.– LG Electronics (LG), a global leader and technology innovator in consumer electronics announced that it signed a memorandum of understanding (MOU) related to integrated building management solutions for commercial air conditioning with Siemens, a global leader in electronics and building management systems.

Under the MOU, Siemens will become a strategic supplier for LG, providing its integrated building management solution for Heating, Ventilating and Air Conditioning (HVAC) products. This will allow LG to leverage Siemens’ field engineering know-how and strategies in building management and control solution, an area where Siemens possesses top-notch technology.

The MOU’s signing was marked with a ceremony held at LG’s digital appliance factory on June 20th, 2008 in Changwon, Korea. LG executives in attendance included Hwan-Yong Nho, Executive Vice President of Air Conditioning Division for LG Electronics Digital Appliance Company; Seok-Jang Seo, Vice President of Air Conditioning Laboratory for LG Electronics Digital Appliance Company; and Innku Hur, Vice President of CAC Business Team for LG Electronics Digital Appliance Company. Siemens executives included Sascha Brozek, Head of Building Technologies and Vice President of Siemens Korea; Dr. Adrian Staufer, Vice President of Siemens HVAC Products Division Asia/Pacific; and In-Sun Hwang, Managing Director of HVP division for Siemens Korea.

LG has applied its unparalleled technology and aggressive marketing to make it a leader in the global commercial air conditioning industry. LG believes that cooperating with Siemens will reinforce its global leadership in the commercial air conditioning sector, helping it offer more advanced products and services that set it apart from competitors.