LG Electronics to invest heavily in smartphone area
The company is planning to form an alliance with a US-based mobile carrier.
Industry sources claim that the smartphone market is mainly dominated by Apple, RIM and other players. LG is planning to tap the smartphone market by investing heavily in this potential business area and no longer sees Nokia and Sony Ericsson as its rival.
In a forum at the Woodrow Wilson International Center for Scholars, Yong Nam, CEO of LG Electronics, said: “We are investing heavily in smartphone. We understand it is not an easy task, but LG, like Samsung, has its own potential energy. I believe the recession was a good chance for us to make a leap.” Mr. Nam also said that he sees North Korea as too risky to build factories.
The company, which surpassed Sony as the world's second largest TV maker in the second quarter of 2009, sold 4.01m LCD televisions in the third quarter of 2009 with a market share of 12.3 percent. LG Electronics has posted a net profit of 807.2 billion Won in the third quarter 2009, up from the 24.9 billion Won profit in the same quarter of 2008.
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