LG President Says Strategy To Overcome Global Recession Is Working

Posted Tue Aug 4, 2009 at 12:00 PM PDT by Mike Attebery

Focus on higher end products pays off for LG.

LG’s summer line show kicked off with a keynote by president Teddy Hwang, who says LG is flourishing despite a down US economy. According to a press release from LG, the US represents about twenty five percent of LG’s business, and they’ve been focused on staying profitable in that market.

“In the United States, the current climate continues to impact the industry” said Hwang. “We've seen this in home appliances, where LG focuses on higher-end products… LG is doing better than last year, because dealers and consumers love our new products, including network plasma and LCD HDTVs and Blu-ray players”

Hwang also announced a huge investment into plants in Mexico, and that LG will be consolidating LCD manufacturing from their Reynosa and Mexicali plants into one large plant in Reynosa. “The consolidation and expansion of these plants will offer improved efficiencies and, most importantly, allow us to better serve our U.S. customers”

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Tags: LG (all tags)