LG Electronics which have become the world’s top white goods supplier will make investments nearly $700 million to increase white goods production this year.
According to LG Electronics’ annual report released Wednesday, it churned out more than 10 million units of each fridges, washers, and air-conditioners in 2021, the record high output for each. Their mixed sales last year recorded 20.9 trillion won ($17.1 billion), more than 3.7 trillion won from a year ago.
The utilization rate at its fridge factory recorded 126.1 percent after the manufacturing unit produced more than eleven million units, above its initial annual production capacity of 9,137,000 units. The utilization rate of its washer and air-conditioner factories reached 106.8 percent and 110.4 percent, respectively.
The factories stayed overworked despite more than one challenges such as chip shortages and higher raw material prices.
Although the corporation published a record-high of 74.7 trillion won in sales last year, its operating profit diminished 1.1 percent on year to 3.86 trillion won due to the higher costs in logistics and raw materials, including steel, resin, and copper that make up core materials in appliance production.
To meet the strong demand for the refrigerators, washers and air-conditioners, LG Electronics will invest 851.9 billion won in its home appliance & air solution (H&A) division to ramp up output, as well as 688.1 billion won and 313.1 billion won in home entertainment (HE) division and vehicle component solutions (VS) division, respectively.
Tag Archives: LG Electronics
LG is bringing gardening indoors by unveiling a plant growing appliance
LG is bringing gardening indoors by unveiling a plant growing appliance, which allows consumers to grow flowers, vegetables and herbs at home.
The South Korean home appliance giant said on Thursday Tiiun, the indoor plant cultivator, automates most of the plant cultivation process so that even beginners can easily grow plants.
By simply installing a seed kit in the inner shelf of the device and supplying water and nutrients, LG said users can grow their own plants in four to eight weeks, depending on the plant type.
The name of the device is Korean, meaning “sprouted,” according to the company.
The plant cultivator has two shelves and three kinds of seed kits for each shelf, which means that consumers can grow up to six plants at a time.
Regardless of the season, vegetables can be harvested in about four weeks, herbs in about six weeks and flowers bloom after around eight weeks, LG said.
The device is priced at 1.49 million won ($1,256) and LG will sell 20 kinds of seed kits, including three kinds of flowers, 12 vegetables and five herbs, through its mobile app or at LG Best Shop retail stores.
The development of Tiiun is the first project led by LG’s in-house company, Sprout Co., launched to lead new growth businesses.
According to the Korea Invention Promotion Association, the domestic plant cultivation device market is expected to grow to 500 billion won by 2023 from 10 billion won in 2019.
LG Electronics signs partnership with Italian luxury furniture brand Molteni&C
LG Electronics Inc. said Monday it has signed a partnership with Italian luxury furniture maker Molteni&C S.P.A. to better promote its high-end brand LG Signature.
Under the deal, the two sides will collaborate in marketing, promotion and product development related with LG Signature home appliances, Molteni&C residential furniture and Dada kitchen furniture for the next three years
The South Korean tech firm said the collaboration will create synergy between their premium brands and deliver more opportunity for consumers to experience an “innovative, luxurious lifestyle.”
Molteni&C, founded in 1934, is a renowned designer furniture maker. It runs some 530 stores in 23 countries, including South Korea.
LG recently installed the LG Signature OLED 8K TV at the Molteni Museum in Italy, displaying how its premium electronics appliances can be in harmony with Molteni&C furniture. It will also display the luxury TV at Molteni&C’s flagship store in Paris set to open next month.
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