Sunday, March 16, 2014

LG supporting with more resources Research and Development initiative.

LG Group said Thursday that its chairman Koo Bon-moo appointed 46 senior research fellows in a bid to strengthen the group’s research and development of innovative products.

In a statement, the firm said that most the new appointees are from LG Chem, LG Electronics and LG Display.

LG spokesman Terry Taekyung Lee said the research fellows will be given incentives and benefits at a level similar to LG executives depending on their output.

“They can proceed with projects with less volatility. If they show an outstanding performance, they can get president-level incentives and benefits,” Lee said.

LG Electronics has the most experienced researchers currently at 27, followed by LG Display with 10, LG Chem with 8 and LG Household & Care with 1, according to a statement.

Lee said the group’s technology affiliates are investing more in advanced components, batteries, and energy and mobile products.

LG aims to cut the group’s heavy reliance on thin-margin businesses such as smartphones and TVs by shifting its focus toward less-volatile and profitable components and the business-to-business (B2B) segment.

LG Electronics is the world’s No. 2 TV producer and a second-tier smartphone manufacturer. These conventional consumer products are losing their luster as the market is getting rapidly saturated because of the entry of many Chinese suppliers.

On the contrary, the group’s component affiliates represented by LG Chem and LG Display are on track for business transformation to supply display and battery parts to their major clients. LG Chem and LG Display are the most trusted parts suppliers in batteries and displays, respectively.

“LG wants to become the next Bosch and Continental by putting more  resources on vehicle products,” said an executive at LG Electronics.

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