LG Opens Electronics Plant in Russia
SEOUL - September 6, 2006 - South Korea's LG Electronics said Wednesday that it has opened a new consumer electronics plant in Russia, completing its drive to set up a production base in the region. LG said that the $150-million plant in the suburbs of Moscow has an annual production capacity of 500,000 flat panel TVs, 700,000 washing machines, 200,000 refrigerators, and 260,000 home theater systems.
LG has increased its production capacity in Russia, which is in talks to join the World Trade Organization later this year.
The company said that the opening completed LG's plan to set up a production base targeting Europe, Russia, and the countries of the former Soviet Union. "LG will use this plant as a springboard to become the undisputed number one electronics brand in Russia," LG Electronics CEO Kim Ssang-Su said in a statement.
LG also has a digital TV plant and an LCD TV and refrigerator plant in Poland. "These plants make up a production triangle that will allow the company to lead the European and Russia and CIS markets," it said.