/24-7PressRelease/ - AMMAN, JORDAN, December 18, 2007 - LG Electronics (LGE), a global technology leader and pioneer in home appliance convergence, announced today that the company plans to expand into the energy solution business to actively respond to energy and environmental issues.
Through this move, LGE expects to achieve global sales of USD 7 billion by the year 2010. The company also expects its proportion of sales of commercial air conditioners to increase from forming 30 % of its total air conditioner sales to forming 50 % of these sales 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 USD1.675 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. Aligned with this philosophy we have recently launched the Inverter AC System in Jordan; a product that saves up to 44% on the energy bill when compared to than conventional AC models available in the market" explained General Manager of the LGE Amman Branch, Mr. Kevin Cha
Starting next year, LGE will diversify its business by launching energy solution services and energy-efficient systems. LGE also plans to begin an energy consultancy, which will be customized to help different customers develop their own eco-friendly management.
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 utilizing liquefied natural gas (LNG). Hybrid COGEN uses 32 per cent less energy while also reducing the emission of environmental pollutants such as CO2 gas.
From his end, Mr. Issam Samara, General Manager of Al Asalah Electromechanics, LGE's agent for commercial air conditioning systems in Jordan added that LGE will walk its customers through the entire process of establishing an energy system for public buildings. It will solicit suggestion for planning, ordering, operational supervision and maintenance of the energy system.
"With awareness about sustainable energy resources growing in the Jordanian construction sector, LG is well-positioned to respond to the needs of regional developers targeting Jordan," Mr. Ghazi Farouq, Assistant General Manager for Marketing at the Middle East Complex (MEC), an agent for LGE Products in Jordan said. "Through better design and technology, LG endeavors to reduce the harmful impact on human health and the environment."
In addition, LG will reinforce its research and development capabilities by collaborating with other companies and academic institutes, and will increase the number of sales personnel specialized in engineering and research and development personnel by 40 %and 70 % respectively.
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.
Hybrid XEO, a hybrid air-conditioning system, combines a highly efficient energy-saving inverter system air conditioner with geothermal heat pumps, one of the most innovative renewable energy solutions. Hybrid XEO reduces energy consumption by approximately 30 per cent annually.
According to the World Market for Air Conditioning 2006, a market research report published by the Building Services Research and Information Association (BSRIA), the air conditioner market will grow to USD65 billion by 2010, while the energy solutions market, including solar, wind and geothermal energy, will grow to USD75 billion.
About LG Electronics, Inc.
LG Electronics, Inc. (KSE: 066570.KS) is a global leader and technology innovator in consumer electronics, home appliances and mobile communications, employing more than 82,000 people working in over 110 operations including 81 subsidiaries around the world. Comprising four business units -- Mobile Communications, Digital Appliance, Digital Display and Digital Media with 2006 global sales of US $38.5 billion -- LG Electronics is the world's largest producer of CDMA handsets, air conditioners, optical storage products and DVD players. For more information, please visit http://www.lge.com
---
Press release service and press release distribution provided by http://www.24-7pressrelease.com# # #
Read more Press Releases from FMK FMK:
