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Wednesday, March 16, 2005

LG getting stronger

Growing faster, gaining share - that appears to be the battle cry of LG Electronics from Korea. They sweeped the most innovation awards last year and made it to the top of the Information Technology List.

The awareness of the company is so strong, that BusinessWeek put them on the frontpage recently, with a cover story.

Its CEO said that "We must be a great company with great people."

The company still pales compared to Samsung, but is growing faster. And its ambitions speak for for them.

"The company is the world's top maker of household air conditioners and the No. 3 plasma-TV maker, while its joint venture LG.Philips LCD Co. is the world's largest maker of liquid-crystal displays for TVs.

It boosted it sales of handsets from 6.9 million in 2000 to 44 million last year. LG overtook Japanese-Swedish venture Sony Ericsson Mobile Communications, claiming 7% of the global handset market, according to researcher Strategy Analytics."

Now they come on even stronger in the mobile sector. "It is targeting global sales of 70 million units this year and expects most of the growth to come from European third-generation markets.

The compnay expects the world market for the third-generation WCDMA phones to reach 50 million units in 2005 and said it hopes to supply 10 million of them."

Keep an eye on them - Lucky Goldstar might just rock again!

(By Asia Business Consulting)