Global electronics giant LG Electronics, have introduced its flagship washing machines for the second half of 2008 and announced its business strategies for achieving a top global position in with appliances as well as total sales of 7 billion USD by 2012.
“Our washing machine business has shown solid sales in spite of global economic hardship thanks to effective localisation strategies and reliable products,” said Mr. K.W. Kim, President and CEO of LG Electronics Middle East & Africa Regional Company. “Constant introduction of products based on consumer insights and progressive technology will allow us to become the global leader in washing machines.”
Despite the global economic slowdown, sales of LG’s premium products have increased dramatically, with total washing machine shipments expected to reach 10 million units in 2008, a 12 per cent increase from last year. Last year, LG also recorded global sales of USD 2.3 billion, successfully entering the global top three.
Mr. Kim is confident that the company will continue to chart impressive growth through the rest of the year. “By constantly revisiting and enhancing our product line, we are now offering customers the opportunity to choose from a wider range of appliances. We are optimistic that this segment will add significantly to our overall annual revenues,” he added.