Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

LG to Cut $2.2 Billion in Costs
Feb 10, 2009
 Printable format
 Email this Article
 Search

LG Electronics Inc. said it will cut US$2.2 billion in costs and expects about a 20% decline in sales in dollar terms this year amid the spreading global recession. LG CEO Nam Yong said that the company has no immediate plans for job cuts, but may eliminate some jobs in the future as it reorganizes global production bases.

"Cutting headcount won't be easy given the local culture and LG will probably save it as the last resort for an extreme scenario," Lee said.

LG is taking steps to cut costs by about 3 trillion won (approx. $2.19 billion) this year by reducing expenses and purchasing costs. But Nam said that the the company would continue invest to enhance marketing and grow new businesses such as solar power. "The global recession is presenting a key opportunity (to grow) in emerging markets."

Back to Daily News

 

Daily News

...........................................................

Oct 22, 2014: Middleby to add U-Line to residential appliance business

Oct 22, 2014: iRobot's 3Q exceeds expectations, driven by Home Robots growth

Oct 22, 2014: Whirlpool Canada named 2014 Energy Star Manufacturer of the Year

Oct 22, 2014: ACCA wants the HVAC manufacturers to develop open, universal communication protocols

Oct 22, 2014: IHA launches website to connect OEMs with consumers

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

September 2014: Appliance Industry Focus: HVAC
June 2014: Appliance Magazine Market Insight: April 2014
May 2014: Appliance Magazine Market Insight: March 2014
April 2014: Appliance Magazine Market Insight: February 2014




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Plastics Today | Powder Bulk Solids | Canon Trade Shows