VNUNet: LG Electronics has announced plans to shake up its European development programme by increasing investment in the region over the next two years.
The company will invest millions of dollars in marketing, design and increasing its European headcount through 2008.
Europe already generates 19 per cent of LG’s global revenues, but the firm is driving a major shift in strategy which will see Europe playing a central role in its global roadmap.
“Europe is the ultimate test-bed for our new approach due to its diversity, the education and engagement of its consumers, its highly competitive markets and the fast-pace of change and adoption of new technologies,” said global LG chief executive Yong Nam.
LG is currently number two in the flat-screen TV market and number four for mobile handsets globally, but the company has met challenges in Europe which is dominated by competitors such as Sony and Samsung.