The Institute for Supply Management (ISM) named LG Electronics, Inc. (LGE) the 2010 winner of the ISM R. Gene Richter Award for Leadership and Innovation in Supply Management.
LGE emerged as the sole winner from the list of 12 finalists as the sole winner. Winners of the Richter Awards program, now in its fifth year, have ranged in number each year from one to six. Finalists were announced in March 2010. LGE submitted its winning entry in the Organization/Structure category, one of five categories in the 2010 competition.
LGE had 2009 global sales of 55.5 trillion Korean won (approx. US$43.4 billion) and is made up of five business units: Home Entertainment, Mobile Communications, Home Appliance, Air Conditioning, and Business Solutions. The main focus of the award-winning project was an initiative to reinvent LGE's global procurement organization from a highly decentralized sourcing system to a strong, center-led supply management organization.
LGE will be a presenter at ISM's 95th Annual International Supply Management Conference and Educational Exhibit in San Diego, CA, Apr. 25-28, 2010.
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