Around 60 top officials took part, including LG Chairman Bon Moo Koo; LG Electronics CEO S. S. Kim; LG.Philips LCD Vice-Chairman Bon Joon Koo; LG Electronics President Paik Woo-hyun; as well as CEOs from various LG Electronics divisions, and heads of LG research institutes.
"LG will invest a total of US$1.95 billion in research and design in the electronics area in 2004, a 21 per cent increase compared with 2003," said Mr K.H. Kim, President of LG Electronics, Middle East and Africa. "LG will gradually increase investments every year to reach US$3.38 billion in 2007 and more than US$5.1 billion in 2010, making a grand total of US$25.3 billion spent on R&D by 2010."
Through substantially increasing investment, LG aims to boost staffing levels, increasing the number of employees in its electronics division from 14,000 to 24,000 by 2007, and to 30,000 by 2010.
There are plans to reinforce LG's position in the GSM mobile handset market by building on its competitiveness in the CDMA sector. LG aims to break into the world's top three for mobile handsets by 2007.
When it comes to digital TV units, continuing to develop world-class technologies in core chips and software has been identified as a priority for expanding LG Electronics' share of advanced markets like North America.
Mr Kim added: "In the highly competitive display arena, LG is determined to build on its leadership in PDPs and LCDs through timely investments and different products. LGE also plans to reinforce its world number one position in display devices by securing next-generation display technologies."
LGE aims to expand its capabilities in home air conditioners, and develop new business opportunities in premium digital appliances through substantial R&D investment in mobile handsets, digital TVs, and flat-panel displays.
A staggering US$254 million has been allocated for 2004 alone for R&D in home networking, car infotainment, mobile AV devices, and next-generation storage devices and parts.
Mr Kim said: "We shared the view that only core technological leadership can ensure sustained growth. LG has decided to continue to invest in R&D in electronics, focusing on businesses growth and expanding our manpower."
"The meeting allowed top managers to pursue new business and R&D strategies, and explore opportunities in high-end product areas."
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LG Electronics and affiliates plan to invest USD25.3 billion in electronics by 2010
- United Arab Emirates: Wednesday, May 26 - 2004 at 08:29
- PRESS RELEASE
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Global and regional digital leader LG Electronics recently held a strategy meeting on business and technology development at the LG Production and Technology Institute in Pyeongtaek, Korea.
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Posted by Anne-Birte Stensgaard, Senior News EditorWednesday, May 26 - 2004 at 08:29 UAE local time (GMT+4)
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Notes and Media Contacts »
For more information, contact:
Hamad M. Malik
Senior Regional Manager
Marketing & Corporate Communications
LGE Middle East & Africa Operations
Tel: +9714-3340066
Fax: +9714-3370515
Stephen Worsley/Nick Wheywell
Polaris Public Relations
Dubai, UAE
Tel: +97150-3060518
Fax: +97150-3341326
About LG Electronics, Inc.
LG Electronics, Inc. (Korea Stock Exchange: 066570.KR) was established in 1958 as the pioneer in the Korean consumer electronics market. The company is a major global force in electronics and information and communications products with more than 64,000 employees working in 76 overseas subsidiaries and marketing units around the world. With annual total revenues of more than US $16.9 billion (non-consolidated), LG Electronics conducts its business in three main areas: Digital Display & Media, Digital Appliances, and Telecommunications Equipment & Handsets.
The LG Digital Display & Media Company provides core technologies for cutting-edge digital products and is a world leader in digital display products including plasma TVs, LCD TVs and monitors, and digital high-definition televisions (HDTV). The Digital Display & Media Company also provides digitally integrated products such as AV systems, optical storage, set-top boxes and home servers and is focusing on next-generation businesses such as home and mobile networks.
LG Electronics' goal is to enable the intelligent networking of digital products that will make consumers' lives better than ever. For more information, please visit www.lge.com
Hamad M. Malik
Senior Regional Manager
Marketing & Corporate Communications
LGE Middle East & Africa Operations
Tel: +9714-3340066
Fax: +9714-3370515
Stephen Worsley/Nick Wheywell
Polaris Public Relations
Dubai, UAE
Tel: +97150-3060518
Fax: +97150-3341326
About LG Electronics, Inc.
LG Electronics, Inc. (Korea Stock Exchange: 066570.KR) was established in 1958 as the pioneer in the Korean consumer electronics market. The company is a major global force in electronics and information and communications products with more than 64,000 employees working in 76 overseas subsidiaries and marketing units around the world. With annual total revenues of more than US $16.9 billion (non-consolidated), LG Electronics conducts its business in three main areas: Digital Display & Media, Digital Appliances, and Telecommunications Equipment & Handsets.
The LG Digital Display & Media Company provides core technologies for cutting-edge digital products and is a world leader in digital display products including plasma TVs, LCD TVs and monitors, and digital high-definition televisions (HDTV). The Digital Display & Media Company also provides digitally integrated products such as AV systems, optical storage, set-top boxes and home servers and is focusing on next-generation businesses such as home and mobile networks.
LG Electronics' goal is to enable the intelligent networking of digital products that will make consumers' lives better than ever. For more information, please visit www.lge.com
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