LG Electronics Inc.

LG Electronics Inc. Overview

Company Headquarters: Seoul, South Korea

Founded: 1958

Workforce: ~2,59,915

Estimated Commercial Laundry Revenue- US$ 396.1 Mn

Company Working: LG Electronics Inc. is engaged in developing new technology and consumer electronics products. The company has a presence in almost every country worldwide. The company is a leading manufacturer of consumer and commercial products. LG Electronics operates with its four major business segments including Home Appliance & Air Solutions, Home Entertainment, vehicle Components Solutions, and Business Solutions. The Home Appliance & Air Solution segment provides refrigerators, washing machines, vacuum cleaners, and residential and commercial air conditioners. The Home Entertainment segment is involved in providing TVs and digital media products. Under its Vehicle Components Solutions segment the company designs and manufactures automobile parts. The Business Solutions segment specializes in the development of monitors, PCs, information displays, solar panels, and others. The company has manufacturing facilities in Pyeongtaek, Changwon, Gumi, and Incheon in the Republic of Korea. LG Electronics has a presence across North America, Europe, Asia-Pacific, Middle East, and Africa. A few of the affiliated companies working under LG Electronics are LG Electronics Nanjing Vehicle Components Co., Ltd., LG Electronics Algerie SARL, LGEUS Power LLC, and LG Electronics Overseas Trading FZE among others.

Strategy

LG Electronics focused on investing in innovations and technologies across the globe. The company is committed to developing innovative solutions and concepts to meet the individual requirements of its customers across the world. The company holds a strong position in the developed markets and aims to increase its global footprint through expansion in the developing markets globally. LG Electronics is focusing on investments and innovative product launches that are intended to augment growth, expand the business, and enhance the company’s consumer reach.

Company Snapshot

$45,651.3M

Revenue

259,915

Employees

1958

Founded

Seoul, South Korea

Headquarters

SWOT Analysis

Strengths

The company offers a wide range of products across several different product categories, which allows the company to fulfill the needs of a diverse group of customers
The company has a strong global presence, with operations in different countries around the world

Weaknesses

High dependence on Korean market

Opportunities

Expanding operations into new geographical regions or entering new markets can allow LG to grow its business and increase its revenue.

Threats

Instances of false green claims can erode brand value and consumer trust
Highly competitive industry dynamics

Key Developments

Date	Approach	Development
May 2022	Product Launch	LG Electronics launched a commercial laundry system and offer a free laundry service in Abuja, Africa. The company launched new products such as the outdoor cooling unit and steam clothing device. This launch of the commercial laundry system will help in supporting entrepreneurs in Africa who are into the laundry business.
April 2021	Product Launch	LG Electronics launched a smart laundromat named Laundry Lounge. LG’s Laundry Lounge is a digital, contactless public laundry facility. It is located in Manila, Philippines, and is designed for delivering a premium and convenient laundry experience for both owners and customers
January 2021	Product Launch	LG Electronics introduced an advanced innovation in the laundry. The company uses artificial intelligence for delivering precision washing. The new LG ThinQ front-load washing machine features an Artificial Intelligent Direct Drive (AI DD) motor.

Financial Performance

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