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LG unveils world's first steam technology washing machine
- United Arab Emirates: Monday, June 27 - 2005 at 16:56
- PRESS RELEASE
LG Electronics, the global technology leader in home appliance convergence, has unveiled its latest invention, the steam washing machine that uses eco-friendly steam technology to clean clothes with less water and energy.
"People want a more efficient and convenient way to perform their daily chores. At LG, we are committed to delivering a range of premium, high quality and high performance home appliances. The steam washing machine is just an example of that dedication. We are the leading suppliers of washing machines in the region and generated sales worth US$ 132 million in the Middle East and Africa region last year compared to US$ 79 million in 2003," said C H Lee, President, LG Electronics Gulf FZE.
LG's digital appliance division posted US $8.5 billion in global sales in 2004, a 23 per cent increase from the previous year, and an operating profit ratio of 5.2 per cent. The division has posted annual growth rates of 22 per cent since 2001 and aims to generate turnover of US $14 billion by 2007 to become the world's leading appliance manufacturer.
LG has acquired 66 international patents from such countries as USA, China, and Europe and 152 patents in Korea with the steam technology. Whereas traditional high heat washing processes waste energy in heating up the water and the chamber, LG's new steam washing machine utilises steam for the same result with just half the energy. It also reduces water usage by 44 per cent and uses steam technology to clean the interior of the unit. Compared to traditional drum washing processes, the technology reduces the time needed dramatically.
As part of its effort to pioneer the stylistic evolution of electronic appliances and satisfy changing consumer demands, LG is adding various colors to traditionally white home appliance products. The steam washing machine comes in different colors including pink, blue and black and consumers can choose from among a variety of colored panels.
In line with its aim to become the world's largest appliance company, LG is focusing its production and marketing efforts on high-end products to target the premium appliance market. This will help the company overtake competitors such as Whirlpool of the USA and Sweden-based Electrolux. In the Middle East, LG is aiming for overall regional sales of US$2.8 billion this year, a 34 per cent growth over 2004.
"As a home appliance maker, we focus on improving peoples' lives with convenient products. We are dedicated to help making our customers' lives easier, more convenient, and, ultimately, better. We believe this new offering will have a huge impact on consumers' daily lives as well as on the environment," added Lee.
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Notes and media contacts
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 Appliance Company is fast becoming the leader of the global home appliances industry, ranking No.1 in sales of air conditioners, microwave ovens, and canister vacuum cleaners. LG Electronics was the first company to commercialise a full line of Web-enabled home network appliances including refrigerators, washing machines, microwave ovens, and air conditioners, and is increasingly seen as a leader in premium appliances.
LG Electronics' goal is to enable the intelligent networking of digital products that will make consumers' lives better than ever.
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