LG Announces First-Quarter 2024 Financial Results
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By News Reporter
Featuring Advanced AI Technologies and Sleek Design, Company’s Expanded Lineup
of Built-in Appliances Brings Outstanding Convenience and Style to the Kitchen
SEOUL, Apr. 18, 2024 — LG Electronics (LG) is unveiling its latest built-in kitchen appliances at Milan Design Week (MDW) 2024, taking place in Milan, Italy, from April 16-21. At the center of LG’s Milan showcase are the brand-new Signature Kitchen Suite built-in oven, free zone induction hob and downdraft hood. Boasting innovative, premium design and highly-convenient features, the company’s refined built-in solutions bring exceptional ease-of-use and effortless elegance to the kitchen.
Signature Kitchen Suite Built-in Oven with Advanced Cooking Technologies
Debuting at MDW 2024 and designed with European consumers in mind, the Signature Kitchen Suite 60-centimeter (24-inch) built-in oven offers a variety of cutting-edge features and AI technologies to elevate the culinary experience. Equipped with Gourmet AI, the oven can identify what the user is cooking and automatically select the appropriate cooking mode from 130 recipes. Gourmet AI also enables ‘browning’ control for foods such as pizza and steak, actively keeping tabs on the cooking process and notifying users via the ThinQ app as soon as their food is done. Thanks to video-recognition, LG’s intelligent oven can suggest the optimal settings for the dish being prepared, while real-time video monitoring and time-lapse recording make it easy to check on the progress of one’s meal using the ThinQ app.
Employing enhanced ProBake powered by inverter technology, the new oven delivers uniform heat and fast, efficient cooking with an A++ energy rating. LG’s innovative technology rotates the convection fan back and forth to ensure shorter preheating times, even heating and crispier results when using the oven’s Air Fry mode. The company’s unique InstaView technology further enhances user convenience, making it possible to see inside simply by knocking twice on the oven door.
Free Zone Induction Hob for Convenient and Flexible Cooking
The Signature Kitchen Suite’s 90-centimeter (36-inch) free zone induction hob presents next-level flexibility and ease-of-use, allowing users to place any size and type of cookware – such as Paella pans and moka pots – anywhere on its cooking surface.* The new appliance can detect and track the position of cookware, eliminating the need to manually cancel and reapply settings when moving a saucepan or skillet from one part of the cooking surface to another. What’s more, the AI technology embedded in the hob can detect the temperature of cookware and automatically lower the heat when necessary, helping to minimize spills and splatter when boiling water or preparing soups and sauces.
Expanded Built-in Lineups for Diverse Kitchen Lifestyles
LG is further bolstering its built-in product lineup with the introduction of the new Signature Kitchen Suite downdraft hood. Made to integrate seamlessly into islands and countertops, the 90-centimeter (36-inch) hood offers a sleek, sophisticated look with its chic black glass and modern frame design. It also provides powerful ventilation, effectively extracting steam and odors for a more pleasant cooking experience.
Additionally, LG has expanded its portfolio of built-in appliances for the European market. Along with new products, such as an 80-centimeter (30-inch) induction hob and built-in combi refrigerators and microwave ovens, the company now provides a wider range of options within its oven lineups – from more product variation to a greater choice of colors and sizes. Among the new models are the Signature Kitchen Suite 122 centimeter (48 inch)-wide French-door refrigerator and stunning appliances from the Transitional lineup, featuring slim handles and satin stainless steel exteriors with a velvety matte finish. To help customers create a curated kitchen aesthetic, the company offers an array of new finishes for its premium built-in products, with black stainless steel and stainless steel joining the previously-introduced black glass finish.
“We are thrilled to showcase our latest built-in innovations at this year’s Milan Design Week, demonstrating our commitment to leading new design trends and meeting the diverse needs of European customers,” said Lyu Jae-cheol, president of LG Electronics Home Appliance & Air Solution Company. “LG will continue to strengthen its presence in Europe through an expanded range of built-in appliances delivering style, performance and convenience in the kitchen.”
Visitors to MDW 2024 in Milan from April 16-21 can experience LG’s latest built-in lineups at the LG booth at Milan Fairgrounds.
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* Cookware recognition may vary depending on the size or number of items placed on the surface.
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By News Reporter
Company Showcases Sophisticated Built-in Kitchen Lineups
with Innovative AI Technologies in Milan
SEOUL, Apr. 15, 2024 — LG Electronics (LG) is participating in Milan Design Week 2024, the global design trade fair taking place in Milan, Italy, from April 16-21. Aimed at increasing the company’s presence in the European built-in market, LG’s Milan Design Week exhibition includes a booth at Salone del Mobile (EuroCucina), a display at Signature Kitchen Suite showroom and a collaboration with Moooi at the Dutch lifestyle company’s showroom.
Since the launch of its ultra-premium Signature Kitchen Suite built-in appliances, LG has continuously and strategically expanded its presence around the globe. Last year’s IFA exhibition in Germany marked the introduction of the built-in lineups from the LG brand, which complement the company’s well-established ultra-premium offerings. At Milan Design Week 2024, the company seeks to demonstrate its commitment to providing premier culinary lifestyles, with a diverse range of products designed to meet the needs of different customer segments.
LG’s exhibition booth at Salone del Mobile showcases the ultra-premium Signature Kitchen Suite built-in lineup, plus an array of advanced, aesthetically-pleasing products from the company’s wider kitchen appliance portfolio. Through its ‘True To Food’ philosophy, the Signature Kitchen Suite brand communicates the importance of preserving the original value of food. Also on show is a selection of LG cooking solutions that combine with the ThinQ app for a smarter ‘Life’s Good’ kitchen experience.
During Milan Design Week, the Signature Kitchen Suite showroom will introduce visitors to the sophisticated styling and advanced technologies of the latest Signature Kitchen Suite built-in products. Meanwhile, at the ‘A Life Extraordinary’ exhibit (April 16-21) at Moooi’s exhibition space, LG will showcase its PuriCare AeroFurniture air purifier featuring distinctive, new designs by Moooi, as well as other new products such as the InstaView bottom freezer with MoodUP.
An Inspired Culinary Lifestyle with LG’s Kitchen Appliances at Salone del Mobile
The LG exhibition at Salone del Mobile clearly conveys the value and joy of sharing and savoring quality food. The company’s impressive booth, which covers 483 square meters, is designed by GamFratesi, the acclaimed architecture and design studio founded by Italian Enrico Fratesi and Denmark’s Stine Gam. Presented inside are the Signature Kitchen Suite built-in portfolio and LG-branded built-in kitchen and home appliance lineups.
Among the products on display is the newly unveiled Signature Kitchen Suite 60-centimeter (24-inch) built-in oven with Gourmet AI technology. LG’s AI innovation can identify what the user is cooking and automatically suggest the optimal cooking mode from a database of 130 recipes. The stunning new oven also boasts enhanced ProBake, which leverages the company’s inverter technology to ensure uniform heat distribution for fast and efficient cooking. Offering convenience and cooking flexibility, the Signature Kitchen Suite free zone induction hob allows users to place any size or type of cookware anywhere on its cooking surface.* This is made possible through the AI-equipped hob’s ability to detect and track the position of cookware.
Launching in Italy this month, the LG InstaView bottom-freezer refrigerator with MoodUP can be found alongside the French-door InstaView fridge with MoodUP at the company’s Salone del Mobile booth.
In addition to exploring new LG products, visitors to the company’s booth will have the opportunity to enjoy a lively cooking demonstration hosted by Signature Kitchen Suite. The event features renowned chef Fabrizio Ferrari, who will prepare delectable cuisine using some of the latest built-in appliances from the Signature Kitchen Suite lineup. Other special activities include ‘Zero Wasting Oven Cooking’ with LG’s built-in appliances, wine tasting sessions hosted by sommelier Emanuele Trono, and a unique musical and culinary experience with DJ and cook Daniele de Michele (a.k.a. Donpasta).
The newly-revealed Signature Kitchen Suite 48-inch French-door refrigerator and the sleek appliances of the Transitional lineup, which include built-in combi refrigerators, induction hobs and microwave ovens, form part of LG’s expanded portfolio targeting the European built-in market.
Precision and Elegance with Signature Kitchen Suite’s New Capsule Collections
At the Signature Kitchen Suite showroom, located at the intersection of Milan’s famous Via Manzoni and Piazza Cavour, LG is hosting an open-to-the-public week-long event, displaying its high-end built-in appliances together with its new Design Capsule Collections, under the theme of ‘The Art of Precision’.
An exciting development for Signature Kitchen Suite is the collaboration with internationally acclaimed designer Patricia Urquiola, who has designed a sculptural cabinet for the brand’s under-counter drawer fridge. Ideal for modern places, where the boundary between living room and kitchen is frequently blurred or erased, Urquiola’s cabinet transforms the ultra-premium brand’s home appliance into a gorgeous piece of furniture. The amalgamation of Signature Kitchen Suite’s superior technology with Urquiola’s design artistry has resulted in an elevated lifestyle solution with a luxurious, handcrafted touch. The cabinet is available in three modularities and two finishes – wood or Cimento tiles.
Visitors to the showroom can also see SKINS Club; an ultra-elegant cabinet for the Signature Kitchen Suite under-counter wine cellar designed in collaboration with local Milanese architectural and design firm m2Atelier. A must-have for the connoisseur, the stunning SKINS Club features separate compartments for storing wine and cigars and offers customizable finishes for personalized look.
An Exclusive Collaboration of Technology and Artistry
At the Salone dei Tessuti, LG has collaborated with Moooi to create an extraordinary experience where technology and design seamlessly merge. The gallery-concept exhibition space shows off the evolved design and thoughtful features of LG’s groundbreaking home appliances, such as the LG InstaView bottom-freezer with MoodUP, Styler clothing management system, Styler ShoeCase and a PuriCare AeroFurniture table-type air purifier decorated with a new pattern from Moooi.
“We are excited to present our expanded, diverse portfolio of built-in appliances at this year’s Milan Design Week,” said Lyu Jae-cheol, president of LG Electronics Home Appliance & Air Solution Company. “LG will continue to strengthen its presence in the European built-in market with its ultra-premium Signature Kitchen Suite and LG-branded built-in appliances designed to fulfill diverse customer needs.”
Visitors to the Milan Design Week 2024 can explore LG’s advanced built-in kitchen and home appliances at the LG exhibition booth at Milan Fairgrounds, the Signature Kitchen Suite showroom (corner of Via Manzoni and Piazza Cavour) and the Moooi showroom at Salone dei Tessuti (Piazza Cavour).
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* Cookware recognition may vary depending on the size or number of items placed on the surface.
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By News Reporter
Company Achieves Record-breaking
First-Quarter Revenues by Surpassing Boundaries Once Again
SEOUL, Apr. 5, 2024 — LG Electronics Inc. (LG) today announced its preliminary earnings results for the first quarter of 2024, reporting a consolidated revenue of KRW 21.09 trillion and operating profit of KRW 1.33 trillion.
The company marks the highest first-quarter revenue in its history. The implementation of innovative business models such as subscriptions, along with the expansion of B2B operations, have proven to be crucial in overcoming challenges like the delayed recovery of market demand. From a product perspective, LG’s strategy to enhance the product range and price coverage of volume zone lineups, in response to market demand polarization, has demonstrated significant effectiveness. This strategy, combined with the company’s dedication to sustaining strong competitiveness in the premium market by emphasizing unique factors like AI, has played a substantial role in achieving the impressive figure.
The first-quarter operating profit has surpassed KRW 1 trillion for the fifth consecutive year since 2020. The company’s content and service business, which leverages its hundreds of millions of devices distributed globally as a platform, along with D2C sales, are driving qualitative growth and enhancing the contribution to the company’s operating profit. Measures such as resource allocation, stabilization of raw material and logistics costs and ensuring the flexibility of the global production operation system have also played a part in maintaining stable profitability.
In the home appliance & air solution business, new products like the LG Styler clothing care system, LG WashCombo All-in-One and LG WashTower have led growth, receiving positive market feedback. The strategy of expanding the volume zone lineup to cater to regional characteristics and shifts in demand in international markets has been successful. The company is also growing its B2B business, including HVAC, built-in appliances and component solutions.
LG aims to expedite the paradigm shift in home appliances by introducing subscription services that allow customers to choose appliances and product management services that suit their lifestyles. Also, as AI expands its role in customer electronics, the company is incorporating its Affectionate Intelligence into its devices and services, aiming to provide a unique customer experience that goes beyond basic AI, offering more thoughtfulness and empathy towards customers.
In the vehicle component solutions business, a secured backlog of orders is driving gradual sales growth. The order backlog is expected to exceed KRW 100 trillion in the first half of this year, increasing from the mid-90 trillion range at the end of last year. For In-vehicle Infotainment, a major contributor to sales, the emphasis this year is on bolstering software capabilities and broadening the spectrum of unique products. LG Magna e-Powertrain, having achieved profitability last year, is poised to accelerate growth by securing additional orders from the European and Asian markets. Concurrently, ZKW, a subsidiary specializing in vehicle headlamps, is strategizing to develop next-generation product capabilities while optimizing its business structure.
The home entertainment business is continuing to experience meaningful growth with the launch of new 2024 OLED TV lineup with enhanced AI performance as well as the expansion of webOS content and services. Starting this year, the company will actively deploy dual-track strategy driven by both the top-tier OLED lineup and the QNED lineup to lead the premium market. Furthermore, the webOS platform business will be developed into a scalable, high-profit business this year.
The business solutions sector continues to innovate customer experience through strategic products such as the new LG gram that comes with the latest on-device AI functions and gaming monitors. This year, the company will position itself with a competitive lineup of the commercial displays and continue to invest in future growth engines such as robots and electric vehicle charging, accelerating the early deployment of promising new businesses.
These figures are tentative consolidated earnings based on K-IFRS provided as a service to investors prior to LG Electronics’ final earnings results, including net profit. Details regarding each division will be announced officially later this month.
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By News Reporter
At MODEX 2024, North America’s premier logistics exhibition, LG demonstrated its strong commitment to meeting the evolving needs of the global logistics industry. The company’s standalone booth featured a wide range of customized solutions for modern warehousing and smart factory environments – from order-picking robots to robot control systems incorporating high-speed communications technologies.
LG’s innovative AI-powered industrial robots headline a diverse lineup of solutions that can help fulfillment logistics companies enjoy a seamless digital transformation (DX). Consisting of two zones – the Distribution Center and Smart Factory – the company’s booth at MODEX provided real-world scenarios clearly illustrating the immense value and operational efficiency that LG’s robots can deliver.
Impressing visitors to the Distribution Center zone, the
link hidden, please login to view is a specialized AI-powered logistics robot with autonomous driving capabilities that can collect and transport items within a facility. The LG CLOi CarryBot is available in two types: a capable of sorting and storing various items, and a for loading and transporting large, heavy items. Travelling at speeds of up to 1.2 meters per second, LG CLOi CarryBot can swiftly carry goods or materials across expansive logistics warehouses. Thanks to Fast-X, LG’s optimized autonomous driving technology, the CLOi CarryBot is able to safely navigate its way around storage bays and work stations; automatically adjusting speeds in response to actual conditions. Visitors to LG’s booth at MODEX also had the opportunity to view LG’s high-load logistics robots, which are designed to transport fully-loaded pallets weighing up to 250 kilograms. For convenient management, the company’s pallet-moving robots integrate smoothly with customers’ existing Warehouse Management Systems (WMS). This allows for efficient task allocation, with the WMS able to communicate order information to, and explore optimal routes for, each robot connected to the system.
Inside the Smart Factory zone, LG exhibited robots, such as the Mobile Manipulator, that can play an active role in enhancing efficiency in smart factories. An autonomous mobile robot (AMR), the Mobile Manipulator is designed to improve productivity and quality control. This solution features multi-joint articulated arms that are capable of performing a range of complex actions. Unlike conventional robots, which can only handle a single task, the Mobile Manipulator can complete a wide variety of jobs, including transporting parts, assembling products and conducting quality inspections across diverse processes. It can also move autonomously between stations on a production line as and when required.
What’s more, LG introduced its brand-new robotic logistics platforms and solutions for smart factories, such as the Flex-RPS (Robotic Production System). Utilizing ‘collaborative’ robots that combine mobility with the attributes of multi-joint, single-arm robotic solutions, Flex-RPS can be installed and moved between different production or logistics areas, offering a new level of flexibility and operational efficiency. Additionally, LG showed off its low-floor AMR, which can help speed up workflow with its enhanced pallet-lifting capabilities.
LG has also introduced solutions, accompanied by LG’s private 5G network, that eventually increases the operational efficiency of logistics and smart factories. By leveraging the fast transmission speed and low latency of 5G, the solutions not only establish optimized movement routes for multiple logistics robots, moving simultaneously, but also prevent safety accidents using real-time monitoring and control.
With its showcase at MODEX 2024, LG underscored its dedication to pioneering innovative solutions for the logistics industry. LG will continue to apply its technology and design expertise, and its deep understanding of its customers’ needs, to usher in a brand-new era in logistics automation.
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By News Reporter
(Photo credit: Paweł Bastrzyk, ESL FACEIT Group)
Every gamer, casual and professional alike, will admit that victory or defeat is decided by a second, and sometimes even less. The best opportunity to demonstrate the power of the new LG UltraGear OLED gaming monitor (model 27GS95QE) was at the annual gaming celebration – IEM Expo, held in conjunction with Intel® Extreme Masters Katowice 2024 in Poland.
LG UltraGear gaming monitors have long been recognized for their gaming features. LG collaborates with Gen.G Esports, one of the biggest esports organizations in the world, and LG UltraGear gaming monitor is also an official display of the League of Legends EMEA Championship (LEC) 2023.
(Photo credit: Helena Kristiansson, ESL FACEIT Group)
Held annually since 2013, Intel Extreme Masters in Katowice is an opportunity for Counter-Strike and Starcraft® II fans to meet. This year, the prize pool for the top teams of the final was USD 1,500,000 for both tournaments. Team Spirit’s dominant victory was driven by one of the best professional tier 1 Counter-Strike debuts of all time following an incredible performance from Team Spirit’s 17-year-old prodigy Danil “donk” Kryshkovets.
The fastest-selling IEM Katowice tournament in history, the event saw a peak viewership of over 972,000 for Counter-Strike 2 and more than 77,000 for StarCraft II, according to escharts.com. The sold-out Spodek Arena and MCK Auditorium welcomed over 65,000 fans across four days of live StarCraft II competition, and three days of Counter-Strike action, complemented by IEM Expo.
(Photo credit: Paweł Bastrzyk, ESL FACEIT Group)
With its involvement in the Intel Extreme Masters Katowice 2024, LG Electronics Poland has shown its commitment to providing gamers with the highest quality gaming monitors and allowing them to check the quality of the monitors with their own eyes.
Visitors to the booth, which featured 16 LG UltraGear OLED gaming monitors, could see for themselves such a difference the use of self-luminous pixel technology makes.
(Photo credit: Paweł Bastrzyk, ESL FACEIT Group)
The LG UltraGear OLED gaming monitor (model 27GS95QE) has a 26.5-inch OLED display with high refresh rates (240Hz), fast response times and outstanding picture quality with Quad-HD (2,560 x 1,440) resolution. Already traditional for the LG UltraGear series, the monitor supports the AMD FreeSync Premium Pro and NVIDIA G-SYNC standards for a smooth gaming experience. Fans of adventure or sports games will appreciate the HDR support, guaranteeing a display with a wide tonal range that are VESA DisplayHDR True Black 400 certified. In addition, the monitor screen is bezel-free, allowing users to see every detail and enjoy full immersion.
And, with Anti-Glare & Low Reflection coating, LG UltraGear OLED gaming monitor ensures users won’t be distracted by glares on the display, even in areas illuminated by vivid lights.
LG UltraGear OLED gaming monitors offer features and capabilities that take the entire gaming experience to the next level. LG will continue to enhance the strong reputation of the UltraGear brand by engaging with special gaming and e-sports projects and creating innovative products that put the needs of gamers first.
(Photo credit: Paweł Bastrzyk, ESL FACEIT Group)
Contributed by LG Poland
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