Korea’s leading home appliance manufacturer, LG Electronics, seeks to duplicate its success in the local refrigerator market in the global arena.
During a press conference at its Changwon factory in South Kyongsang Province last Friday, the firm revealed its goal of increasing fridge sales from $2.6 billion last year to $4 billion in 2010.
“We are determined to become the top player in the global refrigerator market in 2010 by nudging past a pair of bigger rivals _ Whirlpool and Electrolux,” LG president Lee Young-ha said.
Last year, the U.S.-based Whirlpool topped the world refrigerator podium with a $3.5 billion turnover, followed by Sweden’s Electrolux with $2.8 billion.
LG came in third with $2.6 billion in sales but Lee said the gap is not astronomical, and LG’s seamless technical innovations would help erode the difference at a fast pace.