The company also presented its plans to launch new products that employ smart grid technologies in 2011 to deliver consumer benefits such as cutting down on electricity bills. These new electronic devices aim to further enhance its market growth.
The company will target double-digit growth in 2011 and push for sales of US$20 billion (approximately R140 billion) by 2014 to position the company as the top global home appliance manufacturer. From a global perspective, it will further strengthen its premium image in advanced regions such as in the US and European countries.
For the local market and other emerging markets including Africa, the Middle East and Brazil, it plans to build market share by tailoring products to meet local consumer needs by producing specialised high quality green lifestyle products.
It plans to maintain its leading position in its core business sectors such as washing machines and refrigerators by continuing to highlight its core technologies and innovative features, which differentiates its products from competitors such as the Inverter Direct Drive available in all its washing machines and linear compressors in its refrigerators. These targets will be achieved while building a foundation for growth in new business areas which include water treatment solutions as well as its built-in premium kitchen packages and appliances.
"This year marks the transformation age for home appliances and electrical device technologies, these devices now have the power to make intelligent decisions because of the THINQ technology," says Dr Michelle Potgieter, marketing director of LG Electronics South Africa. "The era of smarter home appliances is upon us, as consumers will now be able to control their appliances by smart phones or computers."
She also believes that LG is one of the few companies that are actively involved in the core technology development that has enabled the transformation of such eco-friendly smart appliances into South African households.
In 2011, LG will also be raising the energy efficiency of its core technologies by more than 30% over existing appliances. Late last year it announced the first MBR wastewater treatment solution called the Green Membrane Bioreactor which links in with its plan to further expand the marketing and R&D staff of its water treatment business. It is therefore reviewing opportunities for strategic partnerships with established water treatment players in Korea and abroad. It further plans to meet and exceed ever-stricter environmental regulations in markets around the world to align with the company's global green strategy and newly revised slogan Life is Good... when it is Green ethos.
