LG Electronics (LG) unveiled its vision and aggressive plans for its home appliance business at the recent 2011 Consumer Electronics Show in Las Vegas.
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 years,” Added Lee.
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.
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.
At this 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.
For more information and product images, please visit LG’s online press kit at www.lgnewsroom.com/CES2011 .