LG Electronics: will boost sales, profit margins
LG Electronics Inc., the world’s largest household air conditioner maker, said its appliances division will grow by about 30 perent this year.
Soon Kwon, VP of LG’s appliances business said at the Reuters Global Technology Summit that he hoped revenue this year would rise to $13.5 billion from $10.7 billion in 2006.
With innovative products such as steam washers, refrigerators with TVs, ovens with digital cookbooks and poka-dot laundry machines, Kwon said the firm has become successful because of its unique designs and efficient products. He said many consumers have begun to rule out traditional brands such as GE and Whirlpool as many consider them more “outdated” and “old-school”.
“We would like to place LG products in every possible store front in the United States…Today LG has close to 5,000 store fronts where the LG products are sold in the states.”