LG to Focus More Aggressively on Premium and Smart Appliances and Greater Localization in Markets
Dubai, March 13th, 2012 – LG Electronics (LG) revealed its home appliance business strategies for 2012 in a discussion with members of the media at the tail end of this year’s Consumer Electronics Show (CES). D. Y. Kim, President of LG Electronics Gulf FZE., announced that LG’s primary goal this year is to strengthen its business foundations so that it can achieve the top position in their home appliance category by 2014. In order to achieve the objective, LG plans to enhance its competitive advantage in the refrigerator and washing machine segments and make strong investments in smart appliances. Despite the global economic downturn, LG aims to achieve double digit sales growth rate this year.
“To accelerate our performance and growth amidst the global economic challenges, we will pursue value-oriented qualitative growth with a greater focus on products and businesses with higher profitability potential,” said D. Y. Kim, President of LG Electronics Gulf FZE. “The competition is more intense but with a proactive investment strategy and progressive development of technologies with solid growth potential, we believe we can elevate the standards of the appliance market.”
On top of that, LG is pushing the boundaries of smart appliances with new and improved Smart ThinQ™ technology, offering enhanced convenience and smarter savings. The upgraded Smart Manager introduced at this year’s CES help consumers maintain their daily nutritional balance and greatly enhance convenience in the kitchen. LG’s unique Health Manager feature offers specific, nutritious meal plans and recipes of up to a week based on a family’s profile and medical conditions. Smart Shopping offers online grocery shopping directly from the refrigerator’s LCD panel, or by smartphone.
LG’s Smart Appliances, combined with the upgraded Smart ThinQ™ technology, will continue to position the company as the leader in consumer-oriented, ultra-convenient appliances. Followed by the successful introduction of four smart appliances in 2011, LG plans to gradually extend its line-up of smart appliances in the near future.
In addition, LG will continue to provide upgraded premium lines of the company’s representative energy efficient yet large-capacity refrigerators equipped with LG’s Linear Compressor and washing machines equipped with the Inverter Direct Drive™ motor, raising the bar for the value-added products market. In 2012, LG aims to be the top selling washing machine brand in the globe for the fifth consecutive year, as it has done since 2008. Refrigerator production is expected to ten million units for the third consecutive year. Their overall productivity is expected to increase with continuous innovation.
And finally, having taken over the reins of LG’s HA business unit just one month ago, Mr. Kim feels strongly that LG’s success in history has been its ability to meet the diverse needs of consumers in different regional markets. In developed markets, LG will adhere to the energy standards of the North American, European and other developed markets by introducing washing machines equipped with the Inverter Direct Drive™ motor that consume less energy compared to conventional LG models.
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 93,000 people working in over 120 operations around the world. With 2010 global sales of KRW 55.8 trillion (USD 48.2 billion), LG comprises four business units – Home Entertainment, Mobile Communications, Home Appliance, and Air Conditioning & Energy Solutions. LG is one of the world’s leading producers of flat panel TVs, mobile devices, air conditioners, washing machines and refrigerators. LG has signed a long-term agreement to become both a Global Partner 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.lg.com.
About LG Electronics Home Appliance Company
The LG Electronics Home Appliance Company is an innovator in the home appliance industry, dedicated to offering healthier and greener products, blending smart technology and trend-setting design and providing a complete solution for improving daily life. LG’s insightful products, including refrigerators, washing machines, dishwashers, cooking appliances, vacuum cleaners, and built-in appliances, are designed to resonate with consumers around the world. LG’s innovative technologies and convenient features, including the world’s first interactive refrigerator, steam washing machine and combination oven and microwave, set new trends in the appliance industry, helping to establish LG as a global leader.