LG Announces Third-Quarter 2021 Financial Results
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By News Reporter
Headlined by the Ultra-Premium ‘Signature Kitchen Suite’ Built-in Lineup,
Latest Premium Appliances Offer New Options for a More Personalized Home
SEOUL, Feb. 1, 2023 — LG Electronics (LG) is presenting its state-of-the-art kitchen and living appliance lineups at the 2023 Kitchen & Bath Industry Show (KBIS), taking place at the Las Vegas Convention Center in Las Vegas, Nevada, USA, from January 31 to February 2.
Under the theme of ‘Life on the UP,’ LG’s exhibit showcases the modern design and advanced technology of the company’s latest appliances while highlighting the personalized convenience they provide through the addition of ThinQ UP and ThinQ Care features – now available on LG’s premium built-in lineups for the very first time. Featuring eight unique zones, LG’s booth explores diverse consumer lifestyles and aesthetics with each zone representing a different, well-known American city, location or landmark, and each displaying a selection of new, cutting-edge LG appliances.
Visitors to KBIS 2023 can discover the latest premium kitchen solutions from luxury built-in brands, Signature Kitchen Suite and LG STUDIO, both of which offer the refined design and personalization options that today’s consumers want for their homes. The new Signature Kitchen Suite 48-inch built-in refrigerator comes in stainless steel or panel-ready option and boasts Signature Fit Integrated Design; enabling a seamless match with any interior décor and giving customers the choice of proud or flush installation.
Also on show at KBIS is LG’s new Signature Kitchen Suite 36-inch gas cooktop. The impressive appliance features five, powerful brass burners totaling 67,500 BTUs – including a 24,000-BTU* Ultra-High dual burner with a convertible wok grate – which is the most of any cooktop in the luxury kitchen category. Additionally, the new cooktop is available with an easy-to-clean porcelain-coated cooking surface, while the LG STUDIO kitchen package now offers customers an elegant, new handle color – rose gold – to choose from.
For hassle-free cleanup, the Signature Kitchen Suite’s PowerSteam® dishwasher can complete a full cycle in less than one hour thanks to LG’s QuadWash Pro and Dynamic Heat Dry technologies, the latter of which circulates hot air throughout the appliance’s interior. The sleek, stainless steel dishwasher, which has ‘hidden’ controls located on top of its door, uses TrueSteam® to help remove caked-on food and reduce water spots, while QuadWash Pro uses high-pressure jets of water to clean dishware from multiple angles.
LG is also exhibiting its personalized living solutions at this year’s show, with ThinQ UP appliances such as the latest washer and dryer pair, a new minimalism concept kitchen appliances lineup, and lastly, the new MoodUP by LG STUDIO – a fridge with color-changing door panels (23 colors available for the upper panel and 19 for the lower) that can be easily controlled via the LG ThinQ app. ThinQ UP, which enables users to continuously upgrade their appliances with additional features, will soon be coming to LG’s built-in appliances – including the Signature Kitchen Suite and LG STUDIO lineup – as will ThinQ Care features designed to help users protect and get the most out of their LG solutions.
What’s more, LG is presenting entertaining events at the show to allow visitors to experience its products and brand values first-hand. In the Las Vegas-themed zone of the company’s booth, Signature Kitchen Suite chefs, Nick Ritchie from Napa Valley and Austin Kang from Seoul, are giving cooking demonstrations using Signature Kitchen Suite appliances to prepare delectable treats for attendees. LG is also hosting an exclusive party in its booth’s New York-themed zone on the evening before KBIS 2023 opens. Along with music and a colorful LED lighting display provided by the customizable MoodUP by LG STUDIO, guests will be able to enjoy delicious desserts made using the ultra-convenient Scan to Cook feature on LG STUDIO cooking appliances.
“At KBIS 2023, we will introduce the exceptional, personalized experience offered by our ultra-premium built-in appliances and ThinQ UP,” said Lyu Jae-cheol, president of LG Electronics Home Appliance & Air Solution Company. “LG will continue to deliver smart, stylish kitchen and living solutions designed to enhance consumers’ homes and daily lives.”
Visitors to LG’s booth (West Hall #3045, Las Vegas Convention Center) at KBIS 2023 will have the opportunity to experience the full portfolio of LG kitchen and living appliances.
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* British Thermal Unit (BTU) is a unit of heat.
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By News Reporter
LG Electronics Tennessee Plant is Selected as Industry’s First U.S.
Home Appliance Lighthouse Factory by World Economic Forum
SEOUL, Jan. 16, 2023 — LG Electronics’ (LG) home appliance manufacturing plant in the United States has been selected as a world-leading Lighthouse Factory by the
link hidden, please login to view. The million-square-foot factory in Clarksville, Tennessee – the U.S. production base for LG’s award-winning washers and dryers – is the industry’s first home appliance plant in the United States to join the WEF’s global network. Also, it is the company’s second Lighthouse Factory, following on the heels of the LG Smart Park in Changwon, South Korea, which was selected by the WEF last year.
A “Lighthouse Factory” is recognized by the WEF for its role in shaping the future of manufacturing through the integration of Internet of Things (IoT), big data, artificial intelligence (AI), robots and other Fourth Industrial Revolution technologies. Since 2018, the WEF has selected and added global factories to its network twice a year.
LG’s world-class autonomous factory in Tennessee utilizes advanced digital technologies from AI and big data to IoT and robots. Completed at the end of 2018, the facility now operates three production lines for front-load and top-load washing machines and dryers. With an annual production capacity of 1.2 million washers and 600,000 dryers, the plant proactively responds to changing North American demand through local production. More than 900 people work at the LG home appliance factory in Montgomery County, Tenn.
Featuring a complete integrated production system streamlined process to supply impeccable products to customers on time, each line carries out the entire manufacturing process of new models from making the parts to assembly and packaging. In addition, strict quality conditions are applied to all the assembly lines to heighten quality across the board, from parts to finished products.
The LG Tennessee factory boasts a fully autonomous logistics system with 166 automated guided vehicles (AGVs) that transport parts around the plant. With three times more AGVs than the LG Smart Park, these robots improve overall productivity by freeing up people for other tasks.
With the integration of parts production such as metal press processing, plastic injection molding, and painting – including LG’s own intelligent injection molding system – the company has increased component productivity by 21 percent.1 In addition, the plant recognizes and responds in advance to potential productivity issues through an advanced detection system. By applying data-based AI technology that accurately predicts washing machine performance, the number of tests and energy consumed during testing are reduced by 22 percent, while the defect rate has been reduced by more than 61 percent via quality optimization.2
The plant is also maximizing workplace safety and operational efficiency by using robots for complicated, potentially dangerous tasks, such as assembling and lifting heavy parts and welding.
To further improve efficiency, LG plans to establish a 5G connectivity network across the facility in the second half of this year, creating an environment where its many AGVs can transport materials faster and more accurately based on stable, uninterrupted communication. LG will also introduce Autonomous Mobile Robots that navigate the expansive facility with ease to enhance its logistics system.
LG’s commitment to sustainability can be seen throughout the Tennessee factory, which transitioned to renewable energy completely already in 2022. The plant also uses a high-efficiency utility infrastructure, which supplies the power, steam and heat necessary to produce LG’s home appliance products with the help of the company’s advanced Building Energy Control (BECON) solution.
“Along with the LG Smart Park, LG’s Tennessee factory represents our unmatched leadership in transforming manufacturing facilities into advanced, futuristic hubs utilizing the most revolutionary technologies,” said Lyu Jae-cheol, president of the LG Electronics Home Appliance & Air Solution Company. “Lighthouse Factory status exemplifies how LG continues to strive for providing differentiated customer experiences through customized manufacturing innovations.”
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1 Comparing the overall equipment effectiveness rate from the year 2020 to 2022 according to the lighthouse site visit report by World Economic Forum.
2 Comparing the number of the test conduction and the field defect rate from the year 2020 to 2022 according to the lighthouse site visit report by World Economic Forum.
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By News Reporter
SEOUL, Jan. 6, 2023 — LG Electronics Inc. (LG) today announced its preliminary earnings results for the fourth quarter and full-year of 2022. The company’s annual revenue for 2022 surpassed KRW 80 trillion for the first time in its history.
LG reported revenues of KRW 21.9 trillion in the fourth quarter of 2022, 5.2 percent higher than the same quarter the previous year and the highest quarterly revenue in the company’s history. Operating profit for the fourth quarter was KRW 65.5 billion, expected to be 91.2 percent lower than the same quarter of the previous year based on consolidated financial statements.
LG’s annual revenue surpassed KRW 80 trillion, totaling KRW 83.5 trillion in 2022, an increase of 12.9 percent over 2021. Annual operating profit of KRW 3.5 trillion is expected to be 12.6 percent lower than the previous year.
These figures are the 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
Implementing HCA 1.0 Guidelines, Company’s Smart Lifestyle Solutions Deliver
More Convenience and a Better Life at Home
LAS VEGAS, Jan. 5, 2023 — LG Electronics (LG), a board member of the Home Connectivity Alliance (HCA), will showcase a seamless smart home experience at CES 2023. Along with other HCA member companies, LG will demonstrate the interoperability enabled under the new HCA Specification 1.0, whereby smart home solutions from different brands work together seamlessly to deliver true connected convenience in the home.
Inside HCA’s booth at CES, LG will be exhibiting its latest smart home appliances – including the refrigerator with MoodUP, WashTower laundry solution, ARTCOOL Gallery air conditioner and PuriCare AeroTower – together with those from other alliance members. Visitors will be able to see the realization of HCA’s “Any app to any device” vision, which presents users with the ability to manage each brand’s products via each brand’s smart control app, such as LG’s intuitive ThinQ app. This new level of interoperability is currently supported by HCA member companies including LG.
Utilizing existing industry standards to define Cloud-to-Cloud (C2C) interoperability guidelines, the new HCA Specification 1.0 has been established to ensure that home appliances, TVs and HVAC systems can interoperate seamlessly with one another, irrespective of brand. In addition to newly-launched models, consumers can continue using the smart home appliances and HVAC solutions that they already own and are covered by HCA Specification 1.0, without having to install any major firmware updates.
Furthermore, HCA Specification 1.0 will help member companies to make the smart home more sustainable in the future, leveraging data collected from across alliance members’ appliances to gain usage insight and improve energy management.
“As a member of HCA, LG is contributing to the realization of a safe, secure and interoperable connected home ecosystem,” said Lyu Jae-cheol, president of LG Electronics Home Appliance & Air Solution Company. “Through collaboration and open innovation, we will continue to provide consumers with solutions for a smarter, more convenient way of living.”
Visitors to HCA’s booth (#52739, Smart Home Hall, The Venetian Expo) at CES 2023 from January 5-8 in Las Vegas can experience the interoperability of HCA member companies’ latest smart home solutions.
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