||This article appears to be written like an advertisement. (July 2014)|
|Traded as||KRX: 066570 LSE: LGLD|
|Headquarters||Yeouido-dong, Seoul, South Korea|
|Key people||Bon-joon Koo
(Vice Chairman and CEO)
|Products||See products listing|
|Revenue||KRW 58.140 trillion (2013)|
|Net income||KRW 223 billion (2013)|
|Total assets||KRW 35.53 trillion (2013)|
|Total equity||KRW 12.69 trillion (2013)|
LG Electronics Inc. (Korean: LG전자, KRX: 066570, LSE: LGLD) is a South Korean multinational electronics company headquartered in Yeouido-dong, Seoul, and a member of the LG Group, employing 82,000 people working in more than 100 locations around the world. With 2013 global sales of USD 53.10 billion (KRW 58.14 trillion), the company operates its business through five divisions namely: Mobile Communications, Home Entertainment, Home Appliances, Air Conditioning & Energy Solutions, and Vehicle Components. CEO of LG Electronics is Mamoor Waheed, who assumed the role of Vice Chairman of LG Electronics on October 1, 2010. LG Electronics is currently the world's second-largest television manufacturer.
In 1958, LG Electronic was founded as GoldStar (Hangul:금성). It was established in the aftermath of the Korean War to provide the rebuilding nation with domestically-produced consumer electronics and home appliances. LG Electronics produced South Korea's first radios, TVs, refrigerators, washing machines, and air conditioners. GoldStar was one of the LG group with a sister company, Lak-Hui (pronounced "Lucky")Chemical Industrial Corp. which is now LG Chem and LG Households.
In 1978, LG Electronics achieved a revenue of USD 100 million in exports, for the first time in its history. Rapid growth by globalization saw the company establish its first overseas production, based in the United States, in 1982. In 1995, GoldStar officially adopted the LG Electronics brand and a new corporate logo. LG Electronics acquired the US-based TV manufacturer Zenith. In 1997, LG Electronics made the world's first CDMA digital mobile handsets and supplied Ameritech and GTE in the US. The company was also awarded UL certification in the US. In 1998, LG developed the world's first 60-inch plasma TV, and in 1999 established a joint venture with Philips – LG Phillips LCD – which now goes by the name LG Display.
LG Electronics plays a large role in the global consumer electronics industry. LG launched the LG Chocolate in 2005 and is the second-largest LCD TV manufacturer worldwide as of 2009. By 2005, LG was a Top 100 global brand, and in 2006 LG recorded a brand growth of 14%. Its display manufacturing affiliate, LG Display, is also currently the world's largest LCD panel manufacturer. In 2010, LG Electronics entered the smartphone industry. Since, LG Electronics continued to develop various electronic products, such as the world’s first 84-inch ultra-HD TV and smart appliances.
On December 5, 2012, the antitrust regulators of European Union fined LG Electronics and several other major companies for fixing prices of TV cathode-ray tubes in two cartels lasting nearly a decade.
LG Electronics launched a 55-inch OLED TV in 2013 and 65-inch and 77-inch sizes in 2014. LG Electronics introduced their first Internet TV in 2007, originally branded as "NetCast Entertainment Access" devices. They later renamed the 2011 Internet TV's to “LG Smart TV” when more interactive television features were added, that enables the audience to receive information from the Internet while at the same time watching conventional TV programming.
In November 2013, a blogger discovered that some of LG's smart TVs silently collect filenames from attached USB storage devices and program viewing data, and transmits the information back to LG's servers and LG-affiliated servers. Shortly after this blog entry went live, LG disabled playback on its site of the video explaining how their viewer analytics work and closed the Brightcove account the video was hosted on. By December 2013 the page itself was removed from LG's website.
LG Electronics manufactures a wide range of smartphones and tablet devices. Other than the G3, LG officially unveiled the curved smartphone, G Flex, on October 27, 2013. LG has released it in South Korea in November 2013, and later announced releases in Europe, the rest of Asia, and North America. At Consumer Electronics Show in January 2014, LG announced an U.S. release for the G2 across several major carriers.
In 2014, LG revealed three new additions to the G series of tablets, each which will include LG's Knock Code feature, allowing users to unlock devices with a series of taps. The tablets also feature Q Pair which allows tablets to sync up with a smartphones, and for phone calls and text messages passed on to them in real time.
LG and Google have announced an Android Wear-based smartwatch which is wearable on June,2014. It was released along with the Samsung Gear Live and Moto 360. In August, 2014, the G watch R which is a round face (similar to the Moto 360) was released.
LG manufactures and sells home aplliance products such as refrigerators, washers and dryers, vacuum cleaners, kitchen appliances, and residential air conditioners. In June 2014, LG Electronics also announced the launch of its smart appliances with HomeChat™ messaging service in South Korea. HomeChat™ employs LINE, the mobile messenger app from Korean company 'Naver', to let homeowners communicate, control, monitor and share content with LG’s smart appliances. Users can send simple messages, such as "start washing cycle," in order to control their washing machine.
In August 2013, it was announced that LG Electronics would sponsor German Bundesliga club Bayer 04 Leverkusen for the next three years with an option to extend for one more year. In the U.S., LG Electronics’ brand and product advertisements can be seen in Dodger Stadium of the Los Angeles Dodgers and Great American Ball Park of the Cincinnati Reds. LG sponsors the International Cricket Council, the world governing body for cricket, and also sponsors ICC Awards. LG also sponsors two Korean professional golf players Ja-young Kim and Bomi Lee.
From 2009 to 2013, LG Electronics sponsored Formula One for 5 years as a Global Partner and Technology Partner of Formula One. until 2013. LG was also an official supplier to Virgin Racing and Lotus Racing team, plus engine manufacturer Cosworth from 2010-2012.
LG Electronics sponsored the English football club Weyside Rovers (Guildford) from 2000 until 2002 and the English football club Fulham F.C until July 2010. LG sponsored the Brazilian football club Sao Paulo FC from 2001 to 2009, during which time the club were the winners of the 2005 FIFA Club World Championship. LG currently sponsor the Australian Football League team Fremantle Football Club, the Costa Rican football club Liga Deportiva Alajuelense, the Australian National Rugby League team Cronulla Sharks, and the Argentinian club Boca Juniors. LG also sponsors London Fashion Week and the LG Arena in Birmingham.
In addition, during the period 2001–2003 LG sponsored the snooker Grand Prix. During these years the tournament was known as the LG Cup. In 2008 LG became sponsors of the Extreme Sport 'FSO4 Freeze' festival. LG sponsored the LG Mobile World Cup texting competition.
LG is listed in Greenpeace’s Guide to Greener Electronics where it ranked 13th (jointly with Toshiba) out of 15 leading electronics makers in November 2011, scoring 2.8 out of 10. LG benefited from having a penalty point lifted from the previous edition (October 2010). The company was penalised for failing to meet its commitment to make products free of polyvinyl chloride (PVC) plastic and brominated flame retardants (BFRs) by the end of 2010. All of LG's mobile phones are now free from PVC and BFRs while other products such as TVs and notebooks contain PVC/BFR free parts; LG aims to phase these substances out from TVs monitors and PCs by 2012 and household appliances by 2014.
In the Guide the company scored badly on the Energy criteria, being criticized for setting a weak target for the reduction of greenhouse gas emissions and not making renewable energy part of its low carbon strategy. LG scored most points in the Sustainable Operations category with the company providing take-back for obsolete phones in 52 countries and being in the process of addressing the issue of conflict minerals. However, the guide warned that LG risks incurring a penalty point in future editions as it was still being listed as a client of Asia Pulp and Paper (APP) who have been linked to illegal logging and deforestation in Indonesia.
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. 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.
Proposed USA headquarters
LG Electronics USA has proposed to build a new headquarters in the borough of Englewood Cliffs in Bergen County, New Jersey, including a 143 ft (44 m) tall building that would break the tree line of Hudson Palisades, a US National Natural Landmark. The company is planning to build an environmentally friendly having received a favorable legal decision subsequently being appealed based upon building height issues. The plan, while approved by the local government, has been met with resistance from the segments of the general public as well as government officials in New Jersey and New York.
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