Latest news with #LGElectronics'
Korea Herald
3 hours ago
- Automotive
- Korea Herald
LG chief visits Indonesia battery plant to inspect group's EV transition efforts
LG Group Chairman Koo Kwang-mo has visited Indonesia this month to inspect the group's battery manufacturing and research operations, according to the group Monday, underscoring efforts to strengthen its competitiveness amid a temporary slowdown in global electric vehicle demand. According to group officials, Koo toured the production lines of Hyundai LG Indonesia Green Power, a joint venture between LG Energy Solution and Hyundai Motor Group, located near Jakarta, earlier this month. The 320,000 square-meter facility, with an annual capacity of 10 gigawatt-hours, is Indonesia's first EV battery cell plant and is a key pillar in LG's global battery production network. During the visit, Koo called on employees to focus on securing differentiated competitiveness for LG's batteries, particularly in comparison with global rivals, and emphasized the importance of close collaboration with partners to overcome the slowdown in global EV demand growth. As part of the visit, the LG chief also toured LG Electronics' production and research complex in Cibitung, West Java, where products such as TVs, monitors and signage systems are manufactured. Since establishing a local research unit next to the Cibitung plant in 2023, LG Electronics has built an integrated base that connects research, production and sales operations, using it as a base for targeting the broader Southeast Asian market. At LG Electronics' Jakarta sales office, Koo met with local executives to discuss customer needs, distribution trends and competitive dynamics in Southeast Asia. LG has been ramping up efforts to tap into growth opportunities in the so-called Global South that includes India, Indonesia, Latin America, the Middle East and Africa, seeking to ride the economic momentum in these emerging markets. (Yonhap)
Cision Canada
08-05-2025
- Business
- Cision Canada
LG ELECTRONICS INDIA LIMITED BEGINS CONSTRUCTION OF ITS THIRD MANUFACTURING PLANT IN INDIA
SRI CITY, India, May 8, 2025 /CNW/ -- LG Electronics India Ltd. (LGEIL) announced the commencement of construction of its new manufacturing facility in Sri City, Andhra Pradesh today at a ceremony graced by the presence of Shri Nara Lokesh, Hon'ble Minister for Information Technology, Electronics and Communications, Real Time Governance and Human Resources Development, Government of Andhra Pradesh. The new plant is expected to commence operations by the end of 2026. Strategically located in Sri City's industrial area, the new manufacturing facility will enhance LGEIL's production capacity and also enable local employment in the region. The new facility will be LG Electronics' third plant in India. The other two plants are located in Greater Noida, Uttar Pradesh and Pune, Maharashtra. This investment underscores India's potential as a critical hub within LG Electronics' global supply chain. The government of Andhra Pradesh has approved 247 acres of land in Sri City for LGEIL's new manufacturing facility, which is expected to generate around 1495 direct jobs. LGEIL plans to invest approximately USD 600 million (INR 5001 crores) over the next four years, with the potential to attract ancillary businesses to the region, thereby creating an ecosystem for white good manufacturing in the state of Andhra Pradesh. The new plant at Sri City is expected to localize production further and meet the growing demand for LG products throughout India. It will also strengthen LGEIL's supply chain in South India, while helping expedite access to LG products for consumers in the region. The facility will manufacture a diverse range of products, including AC compressors, refrigerators, washing machines and air conditioners. In addition to the presence of Shri Nara Lokesh, the ceremony was attended by other senior government functionaries along with senior LG Electronics executives from South Korea, including Lyu Jae-cheol, president of the LG Home Appliance Solution Company; James Lee, president of the LG Eco Solution Company and Hong Ju Jeon, managing director of LGEIL. Other government officials and senior LGEIL leadership were also present at the ceremony. Sharing his best wishes from Amaravati, the new capital of Andhra Pradesh, Shri N Chandrababu Naidu, Hon'ble Chief Minister of Andhra Pradesh said, "We wholeheartedly welcome LG Electronics to Sri City, Andhra Pradesh. The announcement of LG Electronics' new manufacturing plant in Andhra Pradesh is a testament to Andhra Pradesh's progressive policies with regards to being industry friendly, ease-of-doing-business, fostering innovation and being home to world-class manufacturing hubs. A well-developed industrial ecosystem, great connectivity and pro-business environment makes Sri City the best location for the new plant." Shri Nara Lokesh, Hon'ble Minister for Information Technology, Electronics and Communications, Real Time Governance and Human Resources Development, Government of Andhra Pradesh said, "We are delighted that LG Electronics has chosen Sri City for its third manufacturing facility in India. This is a testament of LG Electronics' commitment to India and I am confident that this expansion into Andhra Pradesh will address the potential growth in demand for LG products across India." "We are taking yet another important first step toward enhancing our partnership with India and contributing to its economic growth. The construction of our third manufacturing plant will complement our existing production facilities in Noida and Pune and marks a new milestone in our journey in India," said Lyu. "This brand-new facility will create more jobs and increase local production," he further added. About LG Electronics India Pvt Ltd LG Electronics India Pvt. Ltd. (LG Electronics), a wholly owned subsidiary of LG Electronics was established in January 1997 in India. LGEIL currently operates two manufacturing units located in Greater Noida, Uttar Pradesh and Ranjangaon near Pune. The plants currently manufacture LED TVs, air conditioners, washing machines, refrigerators, microwave ovens and monitors. "LG Electronics India Limited (the "Company") is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed a draft red herring prospectus dated December 6, 2024 ("DRHP") with the Securities and Exchange Board of India ("SEBI"). The DRHP is available on the websites of our Company, at SEBI at as well as on the websites of the book running lead managers, Morgan Stanley India Company Private Limited, J.P. Morgan India Private Limited, Axis Capital Limited, BofA Securities India Limited, and Citigroup Global Markets India Private Limited, at and respectively, and the websites of the stock exchange(s) at and respectively. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see "Risk Factors" of the Red Herring Prospectus, when available."
Korea Herald
08-05-2025
- Business
- Korea Herald
LG expands India footprint with new $600m plant
3rd plant to strengthen local supply chain, meet rising demand for high-end home appliances LG Electronics broke ground on its third home appliance plant in India on Thursday, investing $600 million as part of a broader push to strengthen its presence in one of the world's fastest-growing consumer markets. The new plant, located in Sri City, a special economic zone in the southern state of Andhra Pradesh, follows the Korean tech giant's existing factories in the northern city of Noida and in the southern city of Pune. With the new facility, LG seeks to bolster its production capacity to supply appliances throughout India, as well as neighboring markets, including the Middle East, Bangladesh and Sri Lanka. LG held a groundbreaking ceremony at the construction site in Sri City on Thursday. Attendees included: Nara Lokesh, minister for human resources development of Andhra Pradesh; Trumbalam Gooty Gharath, minister of industry and commerce of Andhra Pradesh; Lyu Jae-cheol, president of LG Electronics' Home Appliance Solution Division; Lee Jae-sung, head of LG's Eco Solution Division; and Jeon Hong-ju, managing director of LG India. The Sri City facility will spread across 1 million square meters, with a total floor area of 220,000 square meters. When up and running, the plant will have the annual capacity to produce 800,000 refrigerators, 850,000 washing machines, 1.5 million air conditioners and 2 million air conditioner compressors. Production is expected to begin at the end of next year, starting with air conditioners, followed by washing machines, refrigerators and compressors through 2029. Once the new site becomes operational, LG's combined annual capacity in India will rise to 2 million televisions, 3.6 million refrigerators, 3.75 million washing machines and 4.7 million air conditioners. "The construction of Sri City plant is a milestone that signifies LG Electronics' determination to become India's true national brand," said Lyu. "With innovative products produced through a stronger local supply chain, we will further solidify our position as India's top home appliance brand." LG Electronics has been eyeing India as a key growth driver, as part of the tech giant's focus on the Global South, which also includes Latin America, the Middle East, Africa and Asia, for expansion and new business opportunities. The company said India's current household penetration rate for washing machines is at 30 percent and for air conditioners at just 10 percent, suggesting major growth opportunities. The Sri City facility, along with its two existing plants, would be able to meet the fast-rising demand of premium appliances, the company explained. The new facility will mainly produce high-end lines, such as French door refrigerators and front-loading washing machines. LG has already introduced India-specific models, such as convertible refrigerators tailored for vegetarian diets and washing machines with a dedicated cycle for traditional clothing like sarees. The move builds on the tech giant's nearly three-decade presence in India, entering the market with its first plant in Noida in 1997, followed by a second facility in Pune. As part of the company's India push, LG Group Chairman Koo Kwang-mo visited India in February to inspect its manufacturing facilities and R&D center. 'The next few years are critical in determining how we can differentiate ourselves and stay ahead of competitors in the Indian market. Now is the golden time to secure sustainable leadership,' Koo was quoted as saying during his visit. LG is also seeking an initial public offering for its Indian unit this year, in a bid to tap into the country's bustling capital market. The IPO, which was valued at approximately $1.5 billion, was initially expected to be in May, but it has reportedly been delayed due to market volatility sparked by US tariff uncertainty.
Hans India
06-05-2025
- Business
- Hans India
Lokesh to lay stone for LG electronics plant at Sri City on May 8
Tirupati: Minister for Education and IT, Electronics & Communications Nara Lokesh will lay the foundation stone for LG Electronics' new manufacturing facility at Sri City on May 8. The plant, with an investment of Rs 5,001 crore, marks the South Korean giant's first unit in South India and its third in the country after Pune and Noida. District Collector Dr S Venkateswar confirmed the minister's two-day visit to Tirupati district on May 7 and 8. Lokesh will arrive from Mumbai at Renigunta Airport at 3.30 pm on May 7 and proceed by road to Satyavedu, reaching VMK Kalyana Mandapam by 5.10 pm. He will participate in various local programmes there until 8 pm. On May 8, the minister will leave Satyavedu at 10.30 am and reach Sri City by 10.50 am to attend the foundation-laying ceremony from 11 am to 1 pm. He is scheduled to depart for Hyderabad from Tirupati airport at 2.40 pm the same day. Meanwhile, the upcoming facility will manufacture a wide range of consumer electronics including refrigerators, air conditioners, washing machines, televisions, and compressors. The Andhra Pradesh Industrial Infrastructure Corporation (APIIC) has already allocated 188 acres for the project. Once operational, the plant is expected to provide direct employment to about 1,500 people and generate indirect opportunities for nearly 5,000 more across Tirupati, Nellore, and surrounding districts. Commercial production is expected to commence within two to three years.
Malaysian Reserve
24-04-2025
- Business
- Malaysian Reserve
LG'S INNOVATIVE SOLUTIONS SUPPORT 'BETTER LIFE FOR ALL' ON EARTH DAY AND BEYOND
Collaborative solutions and community engagement take center stage in LG Electronics' Earth Day initiatives ENGLEWOOD CLIFFS, N.J., April 24, 2025 /PRNewswire/ — LG Electronics celebrated Earth Day 2025 with impactful community initiatives across North America. At the core of this year's Earth Day initiatives, supporting the company's 'Better Life for All' vision, were activations bringing together employees, partners and local communities. Beyond e-waste recycling drives in five states and a New York Times Square digital experience, LG employees actively contributed by building nesting boxes for local wildlife and planting trees on LG campuses, reinforcing the company's vision of driving positive change. To combat electronic waste and raise awareness about responsible technology disposal, LG hosted community-wide e-waste drives at its campuses in Englewood Cliffs, N.J.; Huntsville, Ala.; Clarksville, Tenn.; Lincolnshire, Ill.; Santa Clara, Calif.; and Toronto, Canada, collecting and routing more than 3,500 pounds of outdated electronics for responsible recycling in partnership with LG's e-waste provider, ERI, the nation's largest recycler of e-waste. Part of LG's broader global circularity initiative, these electronics recycling events underscore LG's commitment to driving progress towards smarter waste solutions; during the month of April, over 3.7 million pounds of e-waste has been recycled through ERI. Through its nationwide, year-round electronics take-back program, LG aims to collect and responsibly recycle more than 50 million pounds of e-waste in 2025. As part of its ongoing partnership with the National Wildlife Federation (NWF), LG employees across the country built nesting boxes designed to provide safe spaces for wildlife to raise their young, promote biodiversity and contribute to healthier ecosystems. At LG's LEED Platinum-certified headquarters in Englewood Cliffs, N.J., local team members enhanced the local biodiversity by planting 100 native plants across the campus, showing how innovation can improve natural integration in corporate spaces. In Canada, the LG team hosted its e-waste drive in partnership with Centennial College and Quantum Lifecycle Partners LP at the Centennial Downsview Campus; over 150 students participated. 'Technology has the power to shape a better future, and at LG, we know it is our responsibility to help create a 'Better Life for All',' said LG Electronics North America President & CEO Chris Jung. 'Earth Day gives us an opportunity to show how technology, when paired with collaboration, can help tackle some of today's biggest challenges, from resource efficiency to wildlife rehabilitation. LG is always looking for new ways to use our people and technology to create positive change, not just on Earth Day, but year 'round.' Beyond community events, LG leveraged its tech platforms to inspire action on a broader scale. In May, LG will continue its Endangered Species Awareness Series on its iconic Times Square billboard, featuring a high-definition, 3D animated campaign spotlighting the West Indian Manatee. The visually stunning display, developed in partnership with the NWF, combines digital storytelling and immersive visuals to connect millions of people with critical conservation messages in an engaging format. LG has pledged $165,000 to-date to the NWF to support initiatives that protect wildlife and wild places. 'LG's commitment to conservation is inspiring, and its efforts to support biodiversity and raise awareness about vulnerable and endangered species demonstrate the power of collaboration in protecting our planet,' said Carey Stanton, Head of Innovation and Partnerships for National Wildlife Federation. 'By combining direct action with large-scale initiatives, LG is setting an example for how companies can make a meaningful impact.' These efforts also complement LG's partnership with NBC's The Americas, a 10-part nature documentary airing Sundays on NBC and streaming on Peacock. The series showcases the breathtaking landscapes and extraordinary wildlife of North and South America, emphasizing the importance of preserving these ecosystems for future generations. The partnership directly aligns with LG's goal to foster curiosity and appreciation through innovation in content and delivery. Also commemorating Earth Day, LG participated in the U.S. Environmental Protection Agency's 'Make Your Energy Choices Count' campaign. Now through May 17, LG is offering promotions on ENERGY STAR® certified appliances through retailers nationwide and making high-efficiency, tech-enhanced solutions more accessible to households nationwide. To learn more about LG's impact, visit About LG Electronics USALG Electronics USA Inc., based in Englewood Cliffs, N.J., is the North American subsidiary of LG Electronics Inc., a smart life solutions company with annual global revenues of more than $60 billion. In the United States, LG sells a wide range of innovative home appliances, home entertainment products, commercial displays, air conditioning systems and vehicle components. LG is an 11-time ENERGY STAR® Partner of the Year. Media Contacts: LG Electronics USA Chris De Kristi
