LG Electronics, a global leader and technology innovator in consumer electronics and Honeywell, leading manufacturers in automation and control solutions, have announced a strategic partnership to further enhance their range of building management technology products and services.
The partnership agreement will see both companies join forces and cooperate on all levels of product development right from providing technology solutions and services, product engineering, training, marketing and finally sales and after-sales services.
According to industry figures, the building automation sector -though fairly new- is seeing substantial growth worldwide. The market grew from USD 90 billion last year to USD 94 billion in 2008 – reporting an increase of approximately five percent.
“Intelligent buildings and automated services are in high-demand in today’s fast paced life. Convenience and clever technology is being used to replace even the simplest tasks especially across the region,” said K.W. Kim, CEO of LG Electronics Middle East and Africa Regional Company. “LG already has a successful range of home solutions and we believe there is opportunity for further growth within this sector which led us to partner with industry specialists, Honeywell.”
LG’s solutions business team was established in 2004 and the company will complete installations in more than 60,000 residences by the end of 2008 across emerging markets including Korea, the Middle East and China.
Environmental consciousness has also led to increased demand for integrated control solutions to save energy including mutual assistance control, power supervision, light control and security. The partnership with Honeywell will help LG respond to the needs of the community as well.
About LG Electronics, Inc.
LG Electronics, Inc. is the global leader and technology innovator in consumer electronics, home appliances and mobile communications, employing more than 82,000 people working in over 120 operations including 80 subsidiaries around the world. Comprising four business units – Mobile Communications, Digital Appliance, Digital Display and Digital Media with 2006 global sales of USD 38.6 billion – LG Electronics is the world’s leading producer of CDMA handsets, air conditioners, optical storage devices, DVD players and home theatre systems. For more information, please visit www.lge.com.
About Honeywell International
Honeywell International is a $36 billion diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Based in Morris Township, N.J., Honeywell’s shares are traded on the New York, London and Chicago Stock Exchanges. For additional information, please visit www.honeywell.com
