Reuters have reported that LG Electronics aims to boost its appliance sales in Europe by 10 percent annually in the coming years and become the global number one in refrigerators and washing machines by 2012.
LG also said on today that it planned to increase its European market share in refrigerators and high-end washers to 10 percent by 2012.
In Europe, LG currently has 7 percent of the refrigerator market and 4 percent of the overall washing machine market in Europe.
Lee Young-ha, chief executive of LG’s appliance unit, said the firm was optimistic on the business outlook for the rest of the year, despite concerns that the recovery in the South Korean currency may weaken its price competitiveness.
“I can see signals that the global economy is recovering and I don’t see any sharp decline (in the business), although benefits from the (weak) won are decreasing,” he said.
LG have unveiled appliances at IFA2009 featuring advanced technologies to save power and improve performance, including an washing machine with larger capacity in the standard-size cabinet and a refrigerator adopting the latest energy-saving linear compressor.
LG also said it planned to strengthen its cooking and cleaning appliance lines and expand its newly started household healthcare business.
“Cooking appliances have big potential for us and can become our new growth engine,” Lee said. “We are also finding new markets for dryers and dishwashers.”
We doubt that Whirlpool, Electrolux, Indesit and others will stand idly by while LG expand their market share.