LG Electronics

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LG Electronics Inc.
LG전자
Type Public
Traded as KRX: 066570 LSELGLD
Industry Consumer electronics
Mobile devicess
Home Appliances

Auto Parts
Founded 1958 (Gold Star)
Founder(s) In-Hwoi Koo
Headquarters Yeouido-dong, Seoul, South Korea
Area served Worldwide
Key people Bon-joon Koo
(Vice Chairman and CEO)
Products See products listing
Revenue Decrease KRW 57.14 trillion (2013)[1]
Net income Increase KRW 223 billion (2013)[1]
Total assets Increase KRW 35.53 trillion (2013)[1]
Total equity Increase KRW 12.69 trillion (2013)[1]
Employees 86,000 (2013)[1]
Parent LG Corporation
Website www.lg.com

LG Electronics Inc. (Korean: LG전자, KRX: 066570, LSELGLD) is a South Korean multinational electronics company headquartered in Yeouido-dong, Seoul. With 2013 global sales of USD 53.10 billion (KRW 58.14 trillion), LG comprises five business units — Home Entertainment, Mobile Communications, Home Appliance, Air Conditioning & Energy Solution and Vehicle Components.

History[edit]

LG Corporation was founded in 1947 as Lak Hui Chemical Industrial Corp.(Hangul:락희화학) and eleven years later Goldstar(Hangul:금성사) was established in the aftermath of the Korean War to provide the rebuilding nation with domestically-produced consumer electronic and home appliance products.

In 1960s, Goldstar manufactured the first radio, refrigerator, TV, air conditioner, and washing machine under the “Made in Korea” label. In 1978 Goldstar achieved USD 100 Million in exports first in its history, and established its first overseas production base in the US in 1982.

In 1995, the company officially adopted the name LG Electronics and changed its corporate identity. 'LG' is known as the abbreviation of Lak-Hui (pronounced "Lucky") and GoldStar, or as backronym of its current brand slogan "Life's Good". In this year, LG Electronics acquired the US electronics company Zenith.

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.[2]

LG was a Top 100 global brand in 2005, and in 2006, LG recorded a brand growth of 14%.[3] Its display manufacturing affiliate, LG Display, is now the world's largest flat panel manufacturer.[4]

Operations[edit]

LG Electronics has 5 business units and more than 110 operations worldwide, employing 86,000 people. LG Electronics owns Zenith and controls 37.9 percent of LG Display.[5]

Home Entertainment Company[edit]

The HE Company produces and run business in TVs, A/V products, monitors, and personal computers. LG HE Company launched OLED TVs, 4K ULTRA HD TVs and CINEMA 3D Smart TVs featuring the new webOS platform this year. It is the world's second-largest television manufacturer (after Samsung Electronics),[6]

Mobile Communication Company[edit]

The Mobile Communications Company provides smartphones - including its flagship premium G Series models, F Series and L Series - and tablets as well as wearable devices. LG MC Company is the world's fourth-largest mobile phone maker by unit sales in the third quarter of 2013.[7]

Home Appliances Company[edit]

The Home Appliances Company manufactures refrigerators, washing machines, dishwashers, cooking appliances, vacuum cleaners, built-in appliances, and healthcare products.

Air Conditioning & Energy Solution Company[edit]

The Air Conditioning & Energy Solution Company total heating, ventilation and air conditioning (HVAC) and energy solutions provider. The company offers a comprehensive range of customized HVAC products, including Residential Air Conditioning (RAC), System Air Conditioning (SAC), Air Quality and Building Management Systems (BMS).

Vehicle Components Company[edit]

LG Electronics Vehicle Components Company focuses on commercializing eco-friendly automotive components and core solutions, including in-car infotainment systems, electric compressors, as well as engineering and consulting services in the areas of product development, production engineering and component supply.

Products[edit]

LG Electronics' products include computers, televisions, mobile phones, home appliances and semiconductors (DRAM, SDRAM and flash memory).

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.[8][9] LG's Magic Remote uses Hillcrest Labs' Freespace technology to allow users to change channels using gestures[10] and Dragon NaturallySpeaking technology for voice recognition.[11]


Sponsorships[edit]

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.

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.

LG sponsors the International Cricket Council, the world governing body for cricket. It also sponsors ICC Awards.[12] 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[13] and in January 2009 LG became a Global Partner and Technology Partner of Formula One.[14] LG is now an official supplier to Virgin Racing, as well as Lotus Racing and engine manufacturer Cosworth.[15] LG sponsors the LG Mobile World Cup texting competition.[16] LG also sponsors London Fashion Week and the LG Arena in Birmingham.[17] They also have sponsored professional Starcraft 2, Incredible Miracle since 2011

LG is an Official Device Partner of the hit movie, The Wolverine

Slogans[edit]

  • 'LG, Future's Technology' (June 1st, 1997-November 30, 1999)
  • 'LG, Digitally Yours' (December 1st, 1999-June 30, 2004)
  • 'LG, Life's Good' (July 1st, 2004-present, Used Before UEFA Euro 2004 Ended)

Environmental record[edit]

LG was recognized by the United States Environmental Protection Agency (EPA) with a 2014 ENERGY STAR Partner of the Year-Sustained Excellence Award, the highest distinction bestowed upon ENERGY STAR partners.

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.[18]

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.[18]

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.[19] 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.[19]

LG Electronics is planning to build an environmentally friendly North American headquarters in the borough of Englewood Cliffs in Bergen County, New Jersey, having received a favorable legal decision subsequently being appealed based upon building height issues.[20] The building will be the first to break the tree line of The Palisades (Hudson River), a US National Natural Landmark.

Controversy[edit]

LG Electronics has proposed to build a new US headquarters that would break the tree line of The Palisades (Hudson River), a US National Natural Landmark.[21][22][23]

In November 2013, it was discovered that some of LG's smart TVs silently collect filenames from attached USB storage devices and attempt to send them back to LG's own servers, although as of this writing the web application does not exist and the purpose of this is unknown. The same television was also found to send program viewing data to another LG-affiliated server which is in operation.[24][25] 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.[26][27] By December 2013 the page itself was removed from LG's website.

See also[edit]

References[edit]

  1. ^ a b c d e "Fortune Global 500 - LG Electronics". Fortune. July 22, 2013. Retrieved December 26, 2013. 
  2. ^ "LG Plots Solar Partnership With Conergy". Greentech Media. Retrieved 10 June 2009. 
  3. ^ [1][dead link]
  4. ^ "LG.com". Retrieved 10 June 2009. 
  5. ^ "LG디스플레이" (in Korean). Daum. Retrieved 2013-06-22. 
  6. ^ "LG Aims to Boost Television Market Share With 3-D, Web-Connected Models". Bloomberg. 2011-02-16. Retrieved 2013-07-11. 
  7. ^ "Gartner Says Smartphone Sales Accounted for 55 Percent of Overall Mobile Phone Sales in Third Quarter of 2013". Gartner. 14 November 2013. Retrieved 25 December 2013. 
  8. ^ "Smart TV". LG. Retrieved 2013-06-22. 
  9. ^ LG Smart TV – Access the World of Entertainment using the LG Smart TV
  10. ^ Engadget.com 26 August 2010. Tim Stevens. Hillcrest Labs brings LG's Magic Motion remote to life, cheekily points out that Sony uses it, too.
  11. ^ Greek, Dinah (2012-01-24). "Dragon brings voice control to smart TVs and set-top boxes". Computeractive. Retrieved 2013-06-22. 
  12. ^ "Commercial Partners of the International Cricket Council (ICC)". icc-cricket.yahoo.net. Retrieved 26 September 2009. 
  13. ^ "FSO4 Freeze, Sponsored by LG, Snowboard and Music Festival". Londonfreeze.com. Retrieved 10 June 2009. 
  14. ^ "The Official Formula 1 Website". Formula1.com. 26 November 2008. Retrieved 10 June 2009. 
  15. ^ LG Extends Formula 1
  16. ^ Sang-hun, Choe (27 January 2010). "Rule of Thumbs: Koreans Reign in Texting World". Seoul: New York Times. Retrieved 10 February 2010. 
  17. ^ "London’s first ever snow and music festival strengthens LG’s corporate sponsorship portfolio". Prlog.org. Retrieved 10 June 2009. 
  18. ^ a b "Guide to Greener Electronics - Greenpeace International". Greenpeace International. Retrieved 16 November 2011. 
  19. ^ a b "CHOICE exposes false energy claims by major fridge manufacturer, LG, for its GC-L197NFS". CHOICE. Retrieved 27 October 2010. 
  20. ^ Alana Quartuccio (September 3, 2013). "Study Predicts Englewood Cliffs LG Project Will Bring Huge Revenue Boost". Englewood-EnglewoodCliffs Patch. Retrieved October 31, 2013. 
  21. ^ Former N.J. governors ask LG to rethink plan for high-rise HQ along the Palisades. NJ.com (2013-06-07). Retrieved on 2013-12-09.
  22. ^ LG supporters looking for Gov. Christie's help in fight over high-rise HQ on the Palisades. NJ.com. Retrieved on 2013-12-09.
  23. ^ THE CLOISTERS AND PALISADES | World Monuments Fund. Wmf.org (2013-10-08). Retrieved on 2013-12-09.
  24. ^ DoctorBeet's Blog: LG Smart TVs logging USB filenames and viewing info to LG servers. Doctorbeet.blogspot.fr (2013-11-18). Retrieved on 2013-12-09.
  25. ^ Goodin, Dan. (2013-11-19) Smart TV from LG phones home with user’s viewing habits, USB file names. Ars Technica. Retrieved on 2013-12-09.
  26. ^ view-source:https://web.archive.org/web/20121013005622/http://us.lgsmartad.com/main/main.lge
  27. ^ view-source:http://us.lgsmartad.com/main/main.lge

External links[edit]