Global and regional digital leader LG Electronics, a pioneer in home appliance convergence, today introduced 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 7 billion USD by 2012.
“Our washing machine business has shown solid sales in spite of global economic hardship thanks to effective localisation strategies and reliable products,” said Mr. K.W. Kim, President and CEO of LG Electronics Middle East & Africa Regional Company. “Constant introduction of products based on consumer insights and progressive technology will allow us to become the global leader in washing machines.”
Despite the global economic slowdown, sales of LG’s premium products have increased dramatically, with total washing machine shipments expected to reach 10 million units in 2008, a 12 per cent increase from last year. Last year, LG also recorded global sales of USD 2.3 billion, successfully entering the global top three.
In the Middle East, LG’s accumulated sales of washing machines was over US$207.1 million in the first half of 2008 and Mr. Kim is confident that the company will continue to chart impressive growth through the rest of the year. “By constantly revisiting and enhancing our product line, we are now offering customers the opportunity to choose from a wider range of appliances. We are optimistic that this segment will add significantly to our overall annual revenues,” he added.
LG plans to strengthen its presence in mature countries such as North America, Middle East, 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.
With LG’s specialised products including front- and top-loading washing machines, dishwashers and dryers, the company is leading new trends in the global appliance industry. LG 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. is a global leader and technology innovator in consumer electronics, home appliances and mobile communications, employing more than 82,000 people working in 114 operations including 82 subsidiaries around the world. With 2007 global sales of USD 44 billion, LG is comprised of four business units - Mobile Communications, Digital Appliance, Digital Display and Digital Media. LG is the world’s leading producer of mobile handsets, flat panel TVs, air conditioners, front-loading washing machines, optical storage products, DVD players and home theatre systems. For more information, please visit www.lge.com.
LG Electronics Digital Appliance Company is a global leader in the home appliance industry, dedicated to enhancing consumer lifestyles through its stylish and advanced products. The company provides a total package of trend-setting products, including air conditioners, refrigerators, washing machines, cooking appliances and vacuum cleaners.
LG Digital Appliance Company is encouraging technology innovation through products such as the world's first interactive refrigerator and its steam washing machine, as well as building new growth opportunities in built-in kitchen appliances, commercial air conditioners and networked home appliances. In 2007, the company registered US$12.6 billion in sales, and currently has over 21,000 employees worldwide.
