LG Electronics
LG Electronics Inc. (Korean: 엘지 전자; RR: Elji Jeonja) is a South Korean multinational major appliance and consumer electronics corporation headquartered in Yeouido-dong, Seoul, South Korea. LG Electronics is a part of LG Corporation, the fourth largest chaebol in South Korea, and often considered as the pinnacle of LG Corp with the group's chemical and battery division LG Chem. It comprises four business units: home entertainment, mobile communications, home appliances & air solutions, and vehicle components. LG Electronics acquired Zenith in 1995 and is the largest shareholder of LG Display, the world's largest display company by revenue in 2020. LG Electronics is also the world's second largest television manufacturer behind Samsung Electronics. The company has 128 operations worldwide, employing 83,000 people.[3]
Company type
GoldStar (1958–2002)
- October 1958 (as GoldStar)
- March 1995 (as LG Electronics; re-incorporated in 2002)
Koo In-hwoi (The original GoldStar)
LG Digital Twin Tower 128, Yeouido-dong, Yeongdeungpo District, Seoul, South Korea
Worldwide
₩3.6 trillion (2022)[1]
₩1.9 trillion (2022)[1]
₩55.15 trillion (2022)[1]
₩22.5 trillion (2022)[1]
LG Corporation (33%)
75,000+ (2022)[2]
1958-1961
1961-1962
1962-1963
1963-1964
1964-1965
1965
1965-1975
1975-1982
1982-1995
1995-2008
2008-2014
2014-Present
Competitive position: innovation[edit]
In 2021, the World Intellectual Property Organization (WIPO)’s annual World Intellectual Property Indicators report ranked LG's number of patent applications published under the PCT System as 4th in the world, with 2,759 patent applications being published during 2020.[80] This position is an impressive increase from their previous ranking as 10th in 2019 with 1,646 applications.[81] In the same 2021 report, LG's number of designs in industrial design registrations published under the Hague System was ranked as 1st in the world, with 446 design registrations being published during that year,[80] retaining their previous 1st-place ranking in 2019 for 449 design registrations being published.[81]
Marketing and public relations[edit]
Sponsorships[edit]
LG Sports Limited, a subsidiary of LG Corporation, owns the Korean Baseball Organisation (KBO) LG Twins (LG 트윈스). Through an acquisition in 1990, the MBC Blue Dragons (who was one of the six original founding members of the KBO in 1982) became the LG Twins.[82] The team has won two Korean Series (1990 and 1994). LG attracts a large attendance of fans and to much of their enjoyment, took third place in the league.[83]
In August 2013, LG Electronics announced that it would sponsor German Bundesliga club Bayer 04 Leverkusen for the next three years with an option to extend for one more year. LG sponsors the International Cricket Council, the world governing body for cricket and also sponsors the ICC Awards.[84]
From 2009 to 2013, LG Electronics sponsored Formula One as a Global Partner and Technology Partner.[85] LG was also an official supplier to Virgin Racing and Lotus Racing team, plus engine manufacturer Cosworth from 2010 to 2012.[86] LG also sponsors London Fashion Week and the LG Arena in Birmingham.[87]
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.[88]
The LG Electronics company in Australia dissolved its sponsorship with cricketer David Warner on 27 March 2018 and dropped him as the brand ambassador of the company over the ball tampering scandal during the third Test of their 2017–18 tempestuous series against South Africa.[89][90] Warner had an agreement with the company in 2014 and his contract had been planned for renewal.[91][92]
Environmental record[edit]
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.[93] In 2004, LG made 4A-rated water efficiency claims for numerous washing machines before they were certified. LG gave undertakings to the Australian Competition & Consumer Commission 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.[93]
In March 2018, it was announced that one of LG steam clothing care system earned the Asthma & Allergy Friendly Certification.[94]
In May 2020, a deadly gas leak in LG chemical plant in Visakhapatnam killed 12 people. An investigation was set up to look upon the matter revealed many causes for the accident. Improper storage design, haphazard maintenance of the old storage tank, the temperature inside the oldest of the three storage tanks holding styrene monomer, a chemical used in making polystyrene products, rose to more than six times the permitted level due to polymerization, which resulted in the rise of heat due to the chemical reaction are the few causes. It was also suggested to move the company to a less populated area.[95]