LG Electronics (LGE), a pioneer and leader in home appliance convergence, introduced today its flagship washing machines for the second half of 2008 and announced its business strategies for achieving the top position globally in this category as well as total sales of USD 7 billion by 2012. LGE introduced the new products and its strategy at a launch event and press conference at the Lotte Hotel in Seoul, Korea.
The General Manager of LGE Branch Amman, Mr. Kevin Cha said, “LGE is a success story that we exert our utmost efforts to maintain and further. One of the attributes to this achievement is our reliable products which respond to the different needs. LGE sales are continuously mounting in the local, regional and international markets, thanks to the innovations we integrate in our appliances and products that take into consideration the sophisticated tastes of different strata around the globe”.
Despite the global economic slowdown, sales of LGE’s premium products have increased dramatically, with total washing machine shipments expected to reach 10 million units in 2008, a 12 percent increase from last year. In front-loading washing machines, one of the fastest-growing areas of the industry, LGE’s accumulated sales volume from 1990 through 2007 has reached 10 million units. Last year, LGE also recorded global sales of USD 2.3 billion, successfully entering the global top three following Whirlpool and Electrolux. Strategic plans for each product segment to reach top global status.
In August, LGE is launching a new front-loading washing machine in North America, featuring a 16.9-inch wide square-shaped door and the industry’s highest capacity in the standard size washing machine category at 4.5 cubic feet. Through segmenting premium consumers and with competitive differentiations such as steam technology and ergonomic design, LGE has led the front-loading washing machine business in North America. LGE plans to strengthen its presence in mature countries such as North America, Europe, CIS and Korea, where demand for premium products is high.
As for top-loading washing machines, LG is launching products incorporating diverse features and extended capabilities intended to attract the niche market between top-loaders and front-loaders, as it emerges from its earlier focus on the value product segment. In addition, by introducing its premium line-up of dishwashers, which are already strong sellers in Australia and South Africa, LG is
looking to expand sales to new potential markets from the mature base it has established.
LGE has successfully penetrated into Australia and South Africa and seeks to expand sales from mature and potential markets.
With LGE’s specialized products including front- and top-loading washing machines, dishwashers and dryers, the company is leading new trends in the global appliance industry. LGE persistently conducts extensive analysis and research on the direction of the market and new technology in order to gain consumer insight.
About LG Electronics, Inc.
LG Electronics, Inc. (KSE: 066570.KS) is a global leader and technology innovator in consumer electronics, home appliances and mobile communications, employing more than 82,000 people working in over 110 operations including 81 subsidiaries around the world. Comprising four business units -- Mobile Communications, Digital Appliance, Digital Display and Digital Media with 2006 global sales of US $38.5 billion -- LG Electronics is the world’s largest producer of CDMA handsets, air conditioners, optical storage products and DVD players. For more information, please visit www.lge.com
