LG Electronics Inc. (Korean: LG전자) is a South Korean multinational electronics company headquartered in Yeouido-dong, Seoul, South Korea, and is part of the LG Group, employing 82,000 people working in 119 local subsidiaries worldwide. With 2014 global sales of USD 55.91 billion (KRW 59.04 trillion), LG comprises four business units: Home Entertainment, Mobile Communications, Home Appliance & Air Solution, and Vehicle Components, with Starion India as its main production vendor for refrigeration and washing machines in the Indian sub-continent. The CEO of LG Electronics is Koo Bon-joon, who assumed the role of vice chairman of LG Electronics on 1 October 2010. In 2011, LG Electronics was the world's second-largest television manufacturer.
|Traded as||KRX: 066570 LSE: LGLD|
January 1995 (as LG Electronics)
(Reincorporated in 2002)
|Founder||Koo In-hwoi (The original GoldStar)|
|Headquarters||Yeouido-dong, Seoul, South Korea|
(Vice Chairman and CEO)
(President and CFO)
|Products||See products listing|
|Revenue||₩61.39 trillion (2017)|
|₩2.46 trillion (2017)|
|₩1.86 billion (2017)|
|Total assets||₩37.85 trillion (2017)|
|Total equity||₩13.35 trillion (2017)|
Number of employees
In 1958, LG Electronics 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 groups with a brethren company, Lak-Hui (pronounced "Lucky") Chemical Industrial Corp. which is now LG Chem and LG Households. GoldStar merged with Lucky Chemical and LG Cable on February 28, 1995, changing the corporate name to Lucky-Goldstar, and then finally to LG Electronics.
In 1978, LG Electronics earned US$100 million in revenue from 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 1994, GoldStar officially adopted the LG Electronics brand and a new corporate logo. LG Electronics acquired the US-based TV manufacturer Zenith. In 1995, 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.
In order to create a holding company, the former LG Electronics was split off in 2002, with the "new" LG Electronics being spun off and the "old" LG Electronics changing its name to LG EI. It was then merged with and into LG CI in 2003 (the legal successor of the former LG Chem), so the company that started as Goldstar does not currently exist.
LG Electronics plays a large role in the global consumer electronics industry; it was the second-largest LCD TV manufacturer worldwide as of 2013. 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, as of 2009 was 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 releasing the world's first 84-inch ultra-HD TV for retail sale.
On 5 December 2012, the antitrust regulators of the European Union fined LG Electronics and five other major companies (Samsung, Thomson since 2010 known as Technicolor, Matsushita which today is Panasonic Corp, Philips, and Toshiba) for fixing prices of TV cathode-ray tubes in two cartels lasting nearly a decade.
On June 11, 2015, LG Electronics found itself in the midst of a human rights controversy when The Guardian published an article by Rosa Moreno, a former employee of an LG television assembly factory.
LG Electronics has four business units: Home Entertainment, Mobile Communications, Home Appliances & Air Solutions, and Vehicle Components. The company has 128 operations worldwide, employing 83,000 people. LG Electronics owns Zenith and controls 37.9 percent of LG Display.
LG Electronics launched an OLED TV in 2013 and 65-inch and 77-inch sizes in 2014. LG Electronics introduced its first Internet TV in 2007, originally branded as "NetCast Entertainment Access" devices. They later renamed the 2011 Internet televisions to "LG Smart TV" when more interactive television features were added, that enable 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 transmit the information 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 its viewer analytics work, and closed the Brightcove account the video was hosted on.
In 2016, exclusively to India, Indian arm of South Korea's LG Electronics Inc started selling a TV that would reject mosquitoes. It uses ultrasonic waves that are silent to humans but cause mosquitoes to fly away. It was released on June 16, 2016. The technology was also used in air conditioners and washing machines. The TV is aimed for lower-income consumers living in conditions that would make them susceptible to mosquitoes.
LG Electronics manufactures a wide range of smartphones and tablet devices. Other than the G3, LG officially unveiled the curved smartphone, G Flex, on 27 October 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 a U.S. release for the G2 across several major carriers. In 2015, LG has released LG G4 globally in late May through early June. On 7 September 2016, LG unveiled the V20. LG G6 has been officially announced during MWC 2017 on 26 February 2017. The V30 was announced on 31 August 2017.
In 2014, LG revealed three new additions to the G series of tablets, which each 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 smartphone, and for phone calls and text messages passed on to the tablet in real time.
LG and Google announced the Android Wear-based smartwatch, the LG G Watch, that was in June 2014. In August 2014, the LG G Watch R that has a circular face (similar to the Moto 360) was released. The LG Watch Urbane that LG's third Android Wear-based smart watch has released in April 2015. This was the first device to support newer smartwatch features such as Wi-Fi, and new parts of Android Wear's software interface, like the ability to draw emoji to friends.
In 2015, LG announced the first Bluetooth keyboard that folds up along the four rows of keys that can be tossed in a purse or pocket. The Rolly keyboard is made of solid plastic. Two tiny plastic arms fold out from the end of the keyboard to support a tablet or smartphone, and it can toggle between two different Bluetooth-connected devices at a time. Battery life is an expected three months on a single AAA battery.
LG manufactures and sells home appliances such as refrigerators, washing machines and tumble dryers, vacuum cleaners, kitchen appliances, and air conditioners and even microwave ovens. 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 machines.
Marketing and public relationsEdit
In August 2013, LG Electronics announced that it 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.
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 also sponsors London Fashion Week and the LG Arena in Birmingham.
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.
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 United States headquartersEdit
LG Electronics USA had 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 stand taller than the tree line of the Hudson Palisades, a US National Natural Landmark. The company proposed to build an environmentally friendly facility in Englewood Cliffs, incidental to Bergen County's per-capita leading Korean American population, having received an initially favorable legal decision concerning building height issues. The plan, while approved by the local government, met with resistance from the segments of the general public as well as government officials in New Jersey and adjacent New York. The initial court decision upholding the local government approval was overturned by a New Jersey appellate court in 2015, and LG subsequently submitted a revised, scaled-down, 64-foot building for approval by the borough of Englewood Cliffs in 2016. LG broke ground on the new US$300 million Englewood Cliffs headquarters on February 7, 2017, to be completed in late 2019.
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