LG eyes $7bn in energy solutions business
Dubai:, December 5, 2007
Global technology leader LG Electronics is targeting $7 billion sales in energy solutions business, the company said in a statement.
The company also expects its proportion of sales of commercial air conditioners will increase from 30 per cent of its total air conditioner sales to 50 per cent by 2010.
The announcement comes close on the heels of LG’s impressive performance in the first half of the year, with Middle East and Africa revenues totalling $1.675 billion.
LG has also maintained its position as the leading manufacturer of air conditioners worldwide for seven consecutive years, the company said.
“By combining our new energy solution business with our industry-leading air conditioners, we are responding to the greatest challenge of our generation – creating alternative sources of energy that are sustainable. The energy-efficient and eco-friendly needs of the region are also developing a new growth engine for future business,” said Soon Kwon, vice-president and head of sales and marketing for LG Electronics – America, Asia, Middle East and Africa, during his visit to the UAE this week.
Starting next year, LG will diversify its business by launching energy solution services and energy-efficient systems. LG plans to begin an energy consultancy, which will be customised to help different customers develop their own eco-friendly management.
LG has already developed innovative hybrid energy solution systems such as Hybrid COGEN and Hybrid XEO, which has demonstrated the company’s capabilities in energy savings and cost reduction, the company said.
LG Electronics President for Middle East and Africa KW Kim said the company will work with customers through the entire process of establishing an energy system for public buildings, from suggestion to planning, ordering, operational supervision and maintenance of the energy system.
“With awareness about sustainable energy resources growing in the GCC construction sector, LG is well-positioned to respond to the needs of regional developers,” Kim said. “Through better design and technology, LG endeavours to reduce the harmful impact on human health and the environment.”
LG will also reinforce its research and development capabilities by collaborating with other companies and academic institutes, and will increase the number of sales personnel specialised in engineering and research and development personnel by 40 and 70 per cent respectively. – TradeArabia News Service