LG Electronics
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| Type | Public |
|---|---|
| Traded as | KRX: 066570 LSE: LGLD |
| Industry | Consumer Electronics Mobile Devices Home Appliances Telecommunications |
| Founded | 1958 |
| Headquarters | Seoul, South Korea |
| Area served | Worldwide |
| Key people | Koo Bon-joon, (Vice Chairman and CEO) |
| Products | Computer monitors Flash memory LCD displays Plasma displays OLED displays Televisions DVD players Blu-ray players Home Cinema systems Movie projectors Mobile phones Laptops CD and DVD drives Refrigerators Washing machines Vacuum cleaners Air conditioners |
| Revenue |  US$ 48.2 billion (2010) |
| Net income | US$ 1.1 billion (2010) |
| Employees | 82,772 |
| Parent | LG Group |
| Website | www.lg.com |
LG Electronics (Korean: LG전자, KRX: 066570, LSE: LGLD) is a global electronics company headquartered in Yeouido, Seoul, South Korea. LG Electronics is the world's second-largest manufacturer of television sets[1] and third-largest producer of mobile phones.[2]
It is the flagship company of LG Group, one of the world's largest electronic conglomerates.
The company has 75 subsidiaries worldwide that design and manufacture televisions, home appliances, and telecommunications devices. LG Electronics owns Zenith Electronics and controls 37.91 percent of LG Display.[3]
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[edit] Summary
By 2005, LG was a Top 100 global brand, and in 2006, LG recorded a brand growth of 14%.[4] Its affiliate, LG Display, is now the world's largest plasma panel manufacturer.[5]
[edit] Company history
The company was originally established in 1958 as GoldStar, producing radios, TVs, refrigerators, washing machines, and air conditioners.[6] The LG Group was a merger of two Korean companies, Lucky and GoldStar, from which the abbreviation of LG was derived. The current "Life's Good" slogan is a backronym. Before the corporate name change to LG, household products were sold under the brand name of Lucky, while electronic products were sold under the brand name of GoldStar (Hangul:금성). In January 2009 LG was able to buy the domain name, LG.com, placing it among the companies who own their two letter brand's domain name.[7]
In 1994 GoldStar gained sponsorship from The 3DO Company to make the first 3DO Interactive Multiplayer. In 1995, GoldStar was renamed LG Electronics, and acquired Zenith Electronics of the United States. LG Solar Energy is a subsidiary formed in 2007 to allow LG Chem to supply polysilicon to LG Electronics for production of solar cells. In 2008, LG took its first dive into the solar-panel manufacturing pool, as it announced a preliminary deal to form a joint venture with Conergy. Under the deal, set to be completed by year's end, LG would acquire a 75 percent stake in Conergy's Frankfurt solar-panel plant.[8] LG has produced camcorders called ARTCAM and DSLRs.[9]
[edit] Business divisions
Home Entertainment
Plasma TVsJasmine , LCD TVs, PDP Modules, OLED Panels, USB Memory, Flat Panel Computer Monitors
Home Theater Systems, Blu-ray Disc players, DVD Recorders, Super Multi DVD Rewriters, CD±RW, Notebook PCs, Desktop PCs, MP3 Players
Mobile Communications
LG Electronics is the world's third largest handset maker behind leader Nokia, and Samsung. LG said it expects a significant increase in mobile phone sales this year 2010, while 20 new smartphones present and aims to become one of the leading manufacturers in the sector by 2012.
The Korean company hopes to sell 140 million phones in 2010, said Skott Ahn, CEO of mobile phone unit. That would mean an increase compared to the past year, where an estimated 117 million sold units. Ahn said LG Electronics reported a global market share in double digits in 2009 for the first time, despite a 5% contraction in the global market. "In 2010 we will build the foundation to become the global number two in 2012," said Ahn.
In the 3rd quarter of 2010, LG's market share of the global mobile phone market had dropped to 6.6% (compared to 10.3% in 3Q09).[10] Overall, LG sold 116.7 million mobile phones in 2010, corresponding to a market share of 8.4%.[11]
LG mobile devices are made for GSM networks as well as for CDMA networks worldwide. LG phones are available also in unlocked versions that can be used on any GSM network worldwide and not just for a specific carrier's network.[12]
Home Appliances
The Home Appliances division makes products like refrigerators and washing machines. Its 2007 sales totaled KRW 11.8 trillion, accounting for 29% of the company's total revenue. The division's profit was KRW 717.1 billion. About 35% of the company's home appliance revenue comes from the North American market.[13]
Air Conditioning
Various Air conditioning units.
Business Solutions
Monitors, Car Infotainment, Telematics, Digital Signage Solutions
[edit] Products
LG Electronics manufactures products in a number of categories:
[edit] Smart TVs and apps
LG Electronics introduced their first Internet TV in 2007, originally branded as "NetCast Entertainment Access" devices and later renamed the 2011 internet TV's to “LG Smart TV” when more interactive television features was added, that enables the audience to receive information from the Internet while at the same time watching conventional TV programming.[14][15]
[edit] Environmental record
LG is listed in Greenpeace’s Guide to Greener Electronics where it ranked 14th out of 18 leading electronics makers in October 2010, with its score dropping from 3.7 points to 3.5 out of 10 compared to the previous ranking (May 2010). Greenpeace accuses LG of backtracking on its commitment to phase out PVC vinyl plastic and brominated flame retardants (BFRs) by the end of 2010.[16] Choice magazine, in independent tests of popular LG fridge models in 2010, found the energy consumption in two models was higher than claimed by LG. LG was aware of the problem and had offered compensation to affected customers.[17] In 2004, LG made 4A-rated water efficiency claims for numerous washing machines before they were certified. LG gave undertakings to the Australian Competition and Consumer Commission (ACCC) to provide appropriate corrective notices and upgrade and maintain its trade practices compliance program. In 2006, LG overstated energy efficiency on five of its air conditioner models and was again required to offer consumers rebates to cover the extra energy costs.[17]
LG is still using toxic vinyl plastic (PVC) and brominated flame retardants (BFRs) in its products but claims to have eliminated them in all newly developed mobile phones from January 2010. The GD510 was LG’s first phone that was free of PVC and BFRs.[18]
[edit] Sponsorship
LG Electronics sponsored the English football club and Weyside Rovers (Guildford) from 2000 until 2002. LG Electronics currently sponsors the English football clubs Fulham F.C deals pulled together at that time by the ex-Marketing Director John Bernard, who now works for the competition, Sony Ericsson. LG also sponsor the Fremantle Football Club (an Australian Football League team), the Costa Rican football club: Liga de Alajuense, the Australian club National Rugby League team Cronulla Sharks, and the Argentinian club Boca Juniors.
LG is one of the leading sponsors of Cricket. It sponsors the International Cricket Council, world's governing body for cricket and other cricket tournaments like Cricket World Cup. It also sponsors ICC Awards.[19]
During the period 2001–2003 the company sponsored the snooker Grand Prix. During these years the tournament was known as the LG Cup.
LG now also sponsors London Fashion Week and the LG Arena in Birmingham.[20]
In 2008 LG became sponsors of the Extreme Sport 'FSO4 Freeze' festival[21] and in January 2009 LG became a Global Partner and Technology Partner of Formula One.[22] This electronics company is now an official supplier to Virgin Racing, as well as Lotus Racing and engine manufacturer Cosworth.[23]
In addition to this LG in cooperation with local electronics retailer BAKOND and Ministry of Education of Azerbaijan Republic is sponsor of Azerbaijan's most popular intellectual TV Show – LG Knowledge Academy . So far more than 200 000 students from all over Azerbaijan participated in LG Knowledge Academy. In 2009 after huge success organizing committee decided to start second season of game (2009–2010).
LG sponsored the LG Mobile World Cup texting competition.[24]
[edit] Awards and accolades
In 2008, LG won 11 red dot design awards, 11 iF product design awards, and 13 Innovation Awards at CES, where the 50-inch PG6000 1080p Plasma HDTV was “Best of Video Display.”
In 2009 LG has won 15 Design & Technology honors at CES including the CES 'Best of Innovations' in the Wireless Communications Category for LG Dare(VX9700) and Home Appliances Category for Steam Laundry Pair:SteamWasher with Allergiene Cycle and SteamDryer(WM3001H). Seven 2009 products have been awarded with iF product design awards and another seven received red dot design awards.
Two LG washing machines have also achieved Asthma and Allergy Friendly Certification based on the Allergiene Steam cycle. The Asthma and Allergy Friendly Certification Program is a science based Certification mark that is awarded to products that are proven to be more suitable for those suffering from asthma and allergies. The Allergiene cycle of the LG washing machines has been proven to be capable of reaching thermal killing temperatures for the house dust mite, and also that any allergen present will be removed following washing.
More recently LG's LUV300B Kompressor vacuum cleaner has also been certified as Asthma and Allergy Friendly. Vacuum cleaners that are certified as Asthma and Allergy Friendly have been scientifically tested for their ability to remove allergen from carpets and have also been assessed for particle generation during vacuuming.
In 2010, LG Electronics got awards for Excellence in Design and Innovation in 7 categories and "Best of Innovations" award in the Video Display category for a dramatic new 55-inch class FULL LED HDTV with 3D capability and Internet.[25]
[edit] See also
[edit] References
- ^ "Samsung, LG Boost Global TV Market Share". http://english.chosun.com/w21data/html/news/200902/200902200020.html. Retrieved 2009-02-20.[dead link]
- ^ "Bloomberg.com". http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aT_pKU7ulaoA. Retrieved 2009-01-23.
- ^ http://stock.daum.net/item/company.daum?code=034220&type=11&nil_profile=stockprice&nil_menu=itemsubtab9
- ^ [1][dead link]
- ^ "LG.com". http://uk.lge.com/ir/html/ABboards.do?action=read&group_code=AB&list_code=PRE_MENU&seq=5458&page=1&target=pressreleases_read.jsp. Retrieved 2009-06-10.
- ^ "LG corporate history webpage". Lge.com. http://www.lge.com/about/corporate/history.jsp. Retrieved 2009-06-10.
- ^ List of Large Corporations that own their Acronym as a Two Letter Domain
- ^ "LG Plots Solar Partnership With Conergy". Greentech Media. http://www.greentechmedia.com/articles/lg-plots-solar-partnership-with-conergy-1395.html. Retrieved 2009-06-10.
- ^ "카페정보". http://imagesearch.naver.com/search.naver?where=idetail&rev=5&query=LG%20%C4%B7%C4%DA%B4%F5&from=image&ac=-1&sort=0&res_fr=0&res_to=0&merge=0&spq=0&start=52&a=pho_l&f=tab&r=22&u=http%3A%2F%2Fcafe.naver.com%2Fjoonggonara%2F23943849&thumbnail=http%3A%2F%2Fthumbview02.search.naver.com%2Fthumbnails%3Fq%3Dhttp%3A%2F%2Fcafefiles.naver.net%2Fdata36%2F2009%2F4%2F20%2F263%2F6_bojdmswl.jpg&signature=892850106545&gdid=90000004_00995A62016D5AA900000000.
- ^ "Worldwide Mobile Phone Sales Grew 35% in Q3 2010". cellphonedigest.net. 2010-11-11. http://www.cellphonedigest.net/news/2010/11/worldwide_mobile_phone_sales_g_2.php. Retrieved 2011-01-17.
- ^ "Nokia, LG lose while ZTE, Apple gain Q4 2010 market share". mobileburn.com. 2011-01-28. http://www.mobileburn.com/news.jsp?Id=12703.
- ^ "Unlocked Cell Phones". Bigtimewireless.com. http://www.j-cellular.com/. Retrieved 2009-06-10.
- ^ "LG Electronics sees strong home product sales despite U.S. woes". Marketwatch.com. 2008-03-20. http://www.marketwatch.com/news/story/lg-electronics-sees-strong-home/story.aspx?guid=%7B92C23299-5061-46FA-AA17-A15063A7BB4F%7D. Retrieved 2009-06-10.
- ^ [2]
- ^ http://www.lg.com/us/tv-audio-video/discoverlgtvs/smarttv/index.jsp LG Smart TV – Access the World of Entertainment using the LG Smart TV
- ^ "Guide to Greener Electronics". Greenpeace International. http://www.greenpeace.org/international/en/campaigns/toxics/electronics/Guide-to-Greener-Electronics/. Retrieved 2011-01-24.
- ^ a b "CHOICE exposes false energy claims by major fridge manufacturer, LG, for its GC-L197NFS". CHOICE. http://www.choice.com.au/Life-Stage/Green-living/Green%20products%20and%20appliances/LG-greenwash/page/Uncool%20claims.aspx. Retrieved 2010-10-27.
- ^ "LG Global Exhibitions". LG Electronics. http://www.lg.com/global/sustainability/environment/details-of-hazardous-substances.jsp. Retrieved 2011-04-26.
- ^ "Commercial Partners of the International Cricket Council (ICC)". icc-cricket.yahoo.net. http://icc-cricket.yahoo.net/the-icc/about_the_organisation/partners.php. Retrieved 2009-09-26.
- ^ "London’s first ever snow and music festival strengthens LG’s corporate sponsorship portfolio". Prlog.org. http://www.prlog.org/10129577-londons-first-ever-snow-and-music-festival-strengthens-lgs-corporate-sponsorship-portfolio.html. Retrieved 2009-06-10.
- ^ "FSO4 Freeze, Sponsored by LG, Snowboard and Music Festival". Londonfreeze.com. http://www.londonfreeze.com/index.php. Retrieved 2009-06-10.
- ^ "The Official Formula 1 Website". Formula1.com. 2008-11-26. http://www.formula1.com/news/headlines/2008/11/8739.html. Retrieved 2009-06-10.
- ^ LG Extends Formula 1
- ^ Sang-hun, Choe (27 January 2010). "Rule of Thumbs: Koreans Reign in Texting World". Seoul: New York Times. http://www.nytimes.com/2010/01/28/world/asia/28seoul.html. Retrieved 10 February 2010.
- ^ "LG Electronics Honored With 12 CES 2011 Innovations Awards". Added CES 2011 Awards. Market Watch. http://www.marketwatch.com/story/lg-electronics-honored-with-12-ces-2011-innovations-awards-2010-11-09?reflink=MW_news_stmp. Retrieved 10 November 2010.
[edit] External links
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