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LG Electronics

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LG Electronics

LG Electronics
LG전자
Public
Traded as KRX: 066570 LSE: LGLD
Industry Consumer electronics
Home appliances
Telecoms equipment
Founded October 1958 as GoldStar
1995 as LG Electronics
(Reincorporated in 2002)
Founder Koo In-hwoi (The original GoldStar)
Headquarters Yeouido-dong, Seoul, South Korea
Area served
Worldwide
Key people
Koo Bon-joon
(Vice Chairman and CEO)
Products See products listing
Revenue 59.04 trillion (2014)[1]
₩501.3 billion (2014)[1]
Total assets ₩37.06 trillion (2014)[1]
Total equity ₩12.99 trillion (2014)[1]
Number of employees
82,000 (2014)[1]
Parent LG Corporation
Website .com.lgwww

LG Electronics Inc. (Korean: LG전자, KRX: 066570, LSE: LGLD) is a South Korean multinational electronics company headquartered in Yeouido-dong, Seoul, and a member of the LG Group, employing 83,000 people working in 119 local subsidiaries worldwide. With 2013 global sales of USD 53.1 billion (KRW 58.14 trillion), the company operates its business through five divisions: Home Entertainment, Mobile Communications, Home Appliance, Air Conditioning and Energy Solution, and Vehicle Components.[2] CEO of LG Electronics is Bon-joon Koo, who assumed the role of Vice Chairman of LG Electronics on 1 October 2010. In 2011, LG Electronics was the world's second-largest television manufacturer.[3]

Contents

  • History 1
    • 1958–1960s 1.1
    • 1970s–1990s 1.2
    • 2000–present 1.3
  • Operations 2
  • Products 3
    • Televisions 3.1
    • Mobile devices 3.2
      • Mobile 3.2.1
      • Tablet 3.2.2
      • Smart watch 3.2.3
      • Rolly Keyboard 3.2.4
    • Home appliances 3.3
  • Sponsorships 4
  • Environmental record 5
  • Proposed U.S. headquarters 6
  • Slogans 7
  • See also 8
  • References 9
  • External links 10

History

LG Twin Towers where LG Electronics is headquartered

1958–1960s

In 1958, LG Electronic was founded as GoldStar (Hangul:금성). It was established in the aftermath of the Korean War to provide the rebuilding nation with domestically-produced consumer electronics and home appliances. LG Electronics produced South Korea's first radios, TVs, refrigerators, washing machines, and air conditioners.[4] GoldStar was one of the LG group with a sister company, Lak-Hui (pronounced "Lucky") Chemical Industrial Corp. which is now LG Chem and LG Households.

GoldStar merged with Lucky Chemical and LG Cable in 1995, therefore the corporate name was changed to LG Electronics (Lucky-Goldstar).

1970s–1990s

In 1978, LG Electronics earned USD 100 million in revenue from exports for the first time in its history. Rapid growth by globalization saw the company establish its first overseas production, based in the United States, in 1982. In 1994, GoldStar officially adopted the LG Electronics brand and a new corporate logo. LG Electronics acquired the US-based TV manufacturer Zenith. In 1997, LG Electronics made the world's first CDMA digital mobile handsets and supplied Ameritech and GTE in the US. The company was also awarded UL certification in the US.[5] In 1998, LG developed the world's first 60-inch plasma TV, and in 1999 established a joint venture with Philips – LG Phillips LCD – which now goes by the name LG Display.

2000–present

In order to create a holding company, the former LG Electronics was split off in 2002, with the "new" LG Electronics being spun off and the "old" LG Electronics changing its name to LG EI. It was then merged with and into LG CI in 2003 (the legal successor of the former LG Chem), so the company that started as Goldstar does not currently exist.

LG Electronics plays a large role in the global consumer electronics industry. LG launched the LG Chocolate mobile phone in 2005 and is the second-largest LCD TV manufacturer worldwide as of 2013.[6] By 2005, LG was a Top 100 global brand, and in 2006 LG recorded a brand growth of 14%.[7] Its display manufacturing affiliate, LG Display, as of 2009 was the world's largest LCD panel manufacturer.[8] In 2010, LG Electronics entered the smartphone industry. Since, LG Electronics continued to develop various electronic products, such as releasing the world's first 84-inch ultra-HD TV for retail sale.[9]

On 5 December 2012, the antitrust regulators of European Union fined LG Electronics and several other major companies for fixing prices of TV cathode-ray tubes in two cartels lasting nearly a decade.[10]

In 2014, LG Electronics began to a new typeface for the "LG" in its logo.

On June 11, 2015, LG Electronics found itself in the midst of a human rights controversy when The Guardian published an article by Rosa Moreno, a former employee of an LG television assembly factory.[11] Moreno reported that she had lost her hands in an industrial accident, and that the factory initially provided her only $3,800 for the devastating loss. Moreno has continued to battle LG to find sufficient compensation for the loss of her hands, and the company has been notably unresponsive and unsympathetic to her case.

Operations

LG Electronics has 4 business units, Home Entertainment, Mobile Communications, Home Appliances & Air Solutions, and Vehicle Components, and 128 operations worldwide, employing 83,000 people. LG Electronics owns Zenith and controls 37.9 percent of LG Display.[12]

Products

LG Electronics' products include televisions, home theater systems, refrigerators, washing machines, computer monitors, wearable device, smart appliance and smartphones.[13]

Televisions

LG Electronics launched an OLED TV in 2013 and 65-inch and 77-inch sizes in 2014.[14][15] LG Electronics introduced its first Internet TV in 2007, originally branded as "NetCast Entertainment Access" devices. They later renamed the 2011 Internet televisions to "LG Smart TV" when more interactive television features were added, that enable the audience to receive information from the Internet while at the same time watching conventional TV programming.[16][17]

In November 2013, a blogger discovered that some of LG's smart TVs silently collect filenames from attached USB storage devices and program viewing data, and transmit the information to LG's servers and LG-affiliated servers.[18][19] Shortly after this blog entry went live, LG disabled playback on its site of the video, explaining how its viewer analytics work, and closed the Brightcove account the video was hosted on.[20][21] By December 2013, the page itself was removed from LG's website.

LG's remote uses Hillcrest Labs' Freespace technology to allow users to change channels using gestures[22] and Dragon NaturallySpeaking technology for voice recognition.[23]

As of 2014, LG is using webOS with a ribbon interface with some of its smart TVs. LG reported that in the first eight months after release, it had sold over 5 million webOS TVs.[24]

Mobile devices

Mobile

LG G4 Global Launching

LG Electronics manufactures a wide range of smartphones and tablet devices.[25] Other than the G3, LG officially unveiled the curved smartphone, G Flex, on 27 October 2013. LG has released it in South Korea in November 2013, and later announced releases in Europe, the rest of Asia, and North America.[26][27] At Consumer Electronics Show in January 2014, LG announced an U.S. release for the G2 across several major carriers.[28] In 2015, LG has released LG G4 globally in late May through early June.[29]

Tablet

In 2014, LG revealed three new additions to the G series of tablets, which each include LG's Knock Code feature, allowing users to unlock devices with a series of taps. The tablets also feature Q Pair which allows tablets to sync up with a smartphones, and for phone calls and text messages passed on to the tablet in real time.[30]

Smart watch

LG Watch Urbane LTE
LG G watch R

LG and Google announced the Android Wear-based smartwatch, the LG G Watch, that was in June 2014.[31] In August 2014, the LG G Watch R that has a round face (similar to the Moto 360) was released.[32] The G watch urbane that LG's third android watch has released in April, 2015. This is the first device to support new features such as Wi-Fi, and new parts of Android Wear's software interface, like the ability to draw emoji to friends.[33]

Rolly Keyboard

In 2015, LG announced the first Bluetooth keyboard that folds up along the four rows of keys that can be tossed in a purse or pocket. The rolly keyboard is made of solid plastic. Two tiny plastic arms fold out from the end of the keyboard to support a tablet or smartphone, and it can toggle between two different Bluetooth-connected devices at a time. Battery life is an expected three months on a single AAA battery. [34]

Home appliances

LG manufactures and sells home appliance products such as refrigerators, washers and dryers, vacuum cleaners, kitchen appliances, and residential air conditioners. In June 2014, LG Electronics also announced the launch of its smart appliances with HomeChat™ messaging service in South Korea. HomeChat™ employs LINE, the mobile messenger app from Korean company 'Naver', to let homeowners communicate, control, monitor and share content with LG’s smart appliances.[35] Users can send simple messages, such as "start washing cycle," in order to control their washing machines.[36]

Sponsorships

LG Sponsors the German Soccer Team Leverkusen.

In August 2013, it was announced that LG Electronics would sponsor German Bundesliga club Bayer 04 Leverkusen for the next three years with an option to extend for one more year. In the U.S., LG Electronics' brand and product advertisements can be seen in Dodger Stadium of the Los Angeles Dodgers and Great American Ball Park of the Cincinnati Reds. LG sponsors the International Cricket Council, the world governing body for cricket, and also sponsors ICC Awards.[37] LG also sponsors two Korean professional golf players Ja-young Kim and Bomi Lee.

From 2009 to 2013, LG Electronics sponsored Formula One for 5 years as a Global Partner and Technology Partner of Formula One.[38] until 2013. LG was also an official supplier to Virgin Racing and Lotus Racing team, plus engine manufacturer Cosworth from 2010-2012.[39]

LG Electronics sponsored the English football club Weyside Rovers (Guildford) from 2000 until 2002 and the English football club Fulham F.C until July 2010. LG sponsored the Brazilian football club Sao Paulo FC from 2001 to 2009, during which time the club were the winners of the 2005 FIFA Club World Championship. LG currently sponsor the Australian Football League team Fremantle Football Club, the Costa Rican football club Liga Deportiva Alajuelense, the Australian National Rugby League team Cronulla Sharks(now discontinued), and the Argentinian club Boca Juniors. LG also sponsors London Fashion Week and the LG Arena in Birmingham.[40]

During the period 2001–2003, LG sponsored the snooker Grand Prix. During these years the tournament was known as the LG Cup. In 2008 LG became sponsors of the Extreme Sport 'FSO4 Freeze' festival.[41] LG sponsored the LG Mobile World Cup texting competition.[42]

Environmental record

LG is listed in Greenpeace’s Guide to Greener Electronics where it ranked 13th (jointly with Toshiba) out of 15 leading electronics makers in November 2011, scoring 2.8 out of 10. LG benefited from having a penalty point lifted from the previous edition (October 2010). The company was penalised for failing to meet its commitment to make products free of polyvinyl chloride (PVC) plastic and brominated flame retardants (BFRs) by the end of 2010. All of LG's mobile phones are now free from PVC and BFRs while other products such as TVs and notebooks contain PVC/BFR free parts; LG aims to phase these substances out from TVs monitors and PCs by 2012 and household appliances by 2014.[43]

In the Guide the company scored badly on the Energy criteria, being criticized for setting a weak target for the reduction of greenhouse gas emissions and not making renewable energy part of its low carbon strategy. In 2014 LG started building 19 MW of solar systems on top of its factory roofs to use significant amounts of renewable power. LG scored most points in the Sustainable Operations category with the company providing take-back for obsolete phones in 52 countries and being in the process of addressing the issue of conflict minerals. The guide warned that LG risks incurring a penalty point in future editions as it was still being listed as a client of Asia Pulp and Paper (APP) who have been linked to illegal logging and deforestation in Indonesia.[43]

Choice magazine, in independent tests of popular LG fridge models in 2010, found the energy consumption in two models was higher than claimed by LG. LG was aware of the problem and had offered compensation to affected customers.[44] In 2004, LG made 4A-rated water efficiency claims for numerous washing machines before they were certified. LG gave undertakings to the Australian Competition and Consumer Commission (ACCC) to provide appropriate corrective notices and upgrade and maintain its trade practices compliance program. In 2006, LG overstated energy efficiency on five of its air conditioner models and was again required to offer consumers rebates to cover the extra energy costs.[44] LG now has internal lawyers check all product claims and since this thorough system has been implemented - no additional issues arose.

Proposed U.S. headquarters

The GWB at left. A LG Electronics USA plan to build a 143 ft (44 m) high-rise

LG Electronics USA has proposed to build a new headquarters in the borough of Englewood Cliffs in Bergen County, New Jersey, including a 143 ft (44 m) tall building that would break the tree line of Hudson Palisades, a US National Natural Landmark.[45][46][47] The company is planning to build an environmentally friendly facility, having received a favorable legal decision subsequently being appealed based upon building height issues.[48] The plan, while approved by the local government, has been met with resistance from the segments of the general public as well as government officials in New Jersey and New York.[49][50][51][52][53][54][55]

Slogans

  • "LG, Future's Technology" (1997–1999)
  • "LG, Digitally Yours" (1999–2004)
  • "LG, Life's Good" (2004–present)

See also

References

  1. ^ a b c d e "Lg Financial Statements". Bloomberg L.P. 22 July 2013. Retrieved 26 December 2013. 
  2. ^ http://www.lg.com/global/about-lg/corporate-information/business-domains . Retrieved on: 2015-03-12.
  3. ^ "LG Aims to Boost Television Market Share With 3-D, Web-Connected Models". Bloomberg. 2011-02-16. Retrieved 2013-07-11. 
  4. ^ "LG History - LG Global". lg.com. 
  5. ^ "LG's History". LG's official website. 
  6. ^ Global market share held by LCD TV manufacturers from 2008 to 2013. Retrieved 26 February 2015.
  7. ^ [2]
  8. ^ "LG.com". Retrieved 10 June 2009. 
  9. ^ LG's 84-inch 4K TV goes on sale in the US for $19,999, home mortgage optional. October 26, 2012
  10. ^ "Philips, LG Electronics, 4 others fined 1.47 billion Euros for EU cartel". The Economic Times. 5 Dec 2012. Retrieved 5 December 2012. 
  11. ^ Lost hands making flatscreens, no help from LG June 11, 2015
  12. ^ "LG디스플레이" (in Korean). Daum. Retrieved 2013-06-22. 
  13. ^ "LG Electronics USA website". LG. 
  14. ^ "LG's 77- and 65-inch Curved 4K Ultra HD OLED TVs are coming to the UK". Pocket-lint. Retrieved 2014-06-26. 
  15. ^ "At LG, More Bendable TVs Lie Straight Ahead". Wall Street Journal. Retrieved 2014-05-28. 
  16. ^ "Smart TV". LG. Retrieved 2013-06-22. 
  17. ^ "LG Smart TVs: Enjoy Apps, Video Steaming & More - LG USA". lg.com. 
  18. ^ DoctorBeet's Blog: LG Smart TVs logging USB filenames and viewing info to LG servers. Doctorbeet.blogspot.fr (2013-11-18). Retrieved on 2013-12-09.
  19. ^ Goodin, Dan. (2013-11-19) Smart TVs from LG phones home with user’s viewing habits, USB file names. Ars Technica. Retrieved on 2013-12-09.
  20. ^ view-source:https://web.archive.org/web/20121013005622/http://us.lgsmartad.com/main/main.lge
  21. ^ view-source:http://us.lgsmartad.com/main/main.lge
  22. ^ Engadget.com 26 August 2010. Tim Stevens. Hillcrest Labs brings LG's Magic Motion remote to life, cheekily points out that Sony uses it, too.
  23. ^ Greek, Dinah (2012-01-24). "Dragon brings voice control to smart TVs and set-top boxes". Computeractive. Retrieved 2013-06-22. 
  24. ^ LG's webOS 2.0 TVs are coming to CES. Retrieved 2 January 2015.
  25. ^ "G3's spec". Phone arena. Retrieved 2014-07-02. 
  26. ^ "LG G Flex appears on the FCC with AT&T-friendly LTE". Engadget. Retrieved 9 March 2014. 
  27. ^ "LG G Flex announced with vertically curved 6-inch 720p screen, 'self-repairing' back cover". Engadget. Retrieved 9 March 2014. 
  28. ^ "LG G Flex coming to AT&T, Sprint, and T-Mobile this winter". The Verge. Retrieved 9 March 2014. 
  29. ^ "G4 release date". Cnet. Retrieved 2015-05-06. 
  30. ^ "LG G pad series". Android central. Retrieved 2014-07-07. 
  31. ^ "Android Wear platform fully unveiled at I/O 2014". Android Authority. Retrieved 2014-06-25. 
  32. ^ "This Is LG's New Round-Face Smartwatch: The G Watch R". Business Insider. Retrieved 2014-08-27. 
  33. ^ "LG Watch Urbane review". CNET. Retrieved 2015-05-12. 
  34. ^ "LG's new Rolly wireless keyboard turns into a pocket stick". The verge. Retrieved 2015-08-27. 
  35. ^ "LG HomeChat Gives Life to Your Home Appliances". Air Herald. 2014-06-09. 
  36. ^ "LG launches new smart appliances featuring HomeChat". 
  37. ^ "Commercial Partners of the International Cricket Council (ICC)". icc-cricket.yahoo.net. Retrieved 26 September 2009. 
  38. ^ "The Official Formula 1 Website". Formula1.com. 26 November 2008. Retrieved 10 June 2009. 
  39. ^ "Welcome hotcellularphone.com - Hostmonster.com". hotcellularphone.com. 
  40. ^ "London’s first ever snow and music festival strengthens LG’s corporate sponsorship portfolio". Prlog.org. Retrieved 10 June 2009. 
  41. ^ "FSO4 Freeze, Sponsored by LG, Snowboard and Music Festival". Londonfreeze.com. Retrieved 10 June 2009. 
  42. ^ Sang-hun, Choe (27 January 2010). "Rule of Thumbs: Koreans Reign in Texting World". Seoul: New York Times. Retrieved 10 February 2010. 
  43. ^ a b "Guide to Greener Electronics – Greenpeace International". Greenpeace International. Retrieved 16 November 2011. 
  44. ^ a b "CHOICE exposes false energy claims by major fridge manufacturer, LG, for its GC-L197NFS". CHOICE. Retrieved 27 October 2010. 
  45. ^ Former N.J. governors ask LG to rethink plan for high-rise HQ along the Palisades. NJ.com (2013-06-07). Retrieved on 2013-12-09.
  46. ^ LG supporters looking for Gov. Christie's help in fight over high-rise HQ on the Palisades. NJ.com. Retrieved on 2013-12-09.
  47. ^ THE CLOISTERS AND PALISADES | World Monuments Fund. Wmf.org (2013-10-08). Retrieved on 2013-12-09.
  48. ^ Alana Quartuccio (3 September 2013). "Study Predicts Englewood Cliffs LG Project Will Bring Huge Revenue Boost". Englewood-EnglewoodCliffs Patch. Retrieved 31 October 2013. 
  49. ^ Sullivan, S. P. "Former N.J. governors ask LG to rethink plan for high-rise HQ along the Palisades" NJ.com (7 June 2013)
  50. ^ Sullivan, S. P. "LG supporters looking for Gov. Christie's help in fight over high-rise HQ on the Palisades" NJ.com (3 July 2013)
  51. ^ Ma, Myles. "Opponents protest as LG celebrates start of work on Englewood Cliffs headquarters" NJ.com (14 November 2013)
  52. ^ Byrne, Brendam T.; Kean, Thomas H.; Florio, James J.; and Whitman, Christine Todd "The Threat to the Palisades" (op-ed) New York Times (24 March 2014)
  53. ^ Associated Press "NJ conservation groups file briefs opposing LG's planned construction on Palisades" NJ.com (7 April 2014)
  54. ^ Ma, Myles. "Senate advances bill banning tall buildings along Palisades" NJ.com (7 June 2014)
  55. ^ "NY Comptroller ask LG to consider shorter Englewood Cliffs headquarters". NJ.com. 

External links

  • LG Electronics Global Website
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