LGE plans to enter energy business
Amman, December 16, 2007
LG Electronics (LGE) plans to expand into energy solution business to actively respond to energy and environmental issues.
Through this move, LGE expects to achieve global sales of $7 billion by the year 2010. The company also expects its proportion of sales of commercial air conditioners to increase from 30 per cent to 50 per cent by 2010.
The announcement comes close on the heels of LGE’s impressive performance in the first half of the year, with Middle East and Africa revenues totaling $1.675 billion. LGE has also maintained its position as the leading manufacturer of air conditioners worldwide for seven consecutive years.
“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 general manager, LGE Amman Branch, Kevin Cha.
LGE 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.
Recently launched, Hybrid COGEN simultaneously generates electricity and heat utilising liquefied natural gas (LNG). Hybrid COGEN uses 32 per cent less energy while also reducing the emission of environmental pollutants such as CO2 gas.
LGE has showed enormous growth in the residential air conditioner market, especially in overseas markets, and has been the world’s largest residential air conditioner manufacturer for seven consecutive years. LGE has also expanded its market share in commercial air conditioner markets, thanks to its high energy-efficiency technology. – TradeArabia News Service