LG targets shipment of 10 million washing machines in 2008

"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% increase from last year.

Last year, LG also recorded global sales of $2.3bn, successfully entering the global top three.

In the Middle East, LG's accumulated sales of washing machines was over $207.1m 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.