LG Electronics to boost sales in Europe

LG Electronics to boost sales in Europe

Seoul: South Korea’s LG Electronics Inc aims to boost its appliance sales in Europe by 10 percent annually in the coming years and become the global no.1 in refrigerators and washing machines by 2012.

LG, which competes with bigger rivals Whirlpool Corp of the United States and Electrolux of Sweden, also said on Wednesday it planned to increase its European market share in refrigerators and high-end washers to 10% by 2012.

In Europe, LG currently has 7% of the refrigerator market and 4% of the overall washing machine market.

Lee Young-ha, chief executive of LG’s appliance unit, said the firm was optimistic on the business outlook for the rest of the year, despite concerns that the recovery in the South Korean won currency may weaken its price competitiveness.

“I can see signals that the global economy is recovering and I don’t see any sharp decline (in the business), although benefits from the (weak) won are decreasing," he said.

Lee’s comments, made at a news conference in Seoul, were embargoed until Wednesday for the IFA consumer electronics trade show in Berlin.