LG Group Announces Aggressive Investment Plan for Electronics
May 12, 2004
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LG Group, South Korea's second-largest business conglomerate, will invest 30 trillion won (approx. U.S. $25 billion) in research and development for its electronics business over the next seven years, the group said.
The aggressive investment plan, outlined at a meeting with LG Group chairman Koo Bon-moo and 60 top executives of the group's electronics affiliates, is part of a drive to become one of the world's top three electronics giants by 2010, LG said.
For all of 2004, LG plans to spend 2.3-trillion won in research and development on its electronics subsidiaries such as LG Electronics Inc., said to be the country's second-largest electronics maker, and LG.Philips LCD Co., considered the world's largest maker of liquid crystal displays (LCDs).
The investment will more than double the group's workforce in electronics research and development to 30,000 by 2010 from current 14,000, LG said.
By business, LG Electronics, said to be the world's sixth-largest mobile phone maker, aims to become one of the top three handset vendors in the world by 2007 by focusing on cell phones based on global system for mobile communications (GSM) technology.
In the competitive flat-panel display market, where the competition has become even more intense, LG.Philips LCD plans to maintain its leadership by aggressive investment in next-generation products such as organic light-emitting diodes (LEDs), the group said. (Yonhap)
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