South Korea-based LG Electronics Inc. said it will invest 246.4 billion won (approx. U.S. $214.7 million) in its U.S. Zenith Electronics Corp. unit on Oct. 15, 2003.
In a filing to the Financial Supervisory Service, LG, a home appliance and consumer electronics maker, said the investment is an effort to promote exports and to boost profit at the unit.
Illinois, U.S.-based Zenith Electronics sells digital televisions. It emerged from Chapter 11 bankruptcy protection in 1999 as a unit of LG Electronics and posted full-year 2002 revenue of 298.5 billion won (approx. $260.2 million). (Dow Jones)
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