ID :
203917
Sun, 08/28/2011 - 07:06
Auther :
Shortlink :
https://oananews.org//node/203917
The shortlink copeid
LG Electronics takes over local water treatment firm
SEOUL, Aug. 28 (Yonhap) -- LG Electronics Inc., South Korea's No. 2 electronics firm, said Sunday that it has taken over a local water treatment firm in an effort to diversify its business portfolio.
The purchase of Daewoo E&T, the country's third-largest water processing firm, came as LG Electronics is planning to set up a joint venture for a water treatment business with Hitachi Plant Technologies of Japan in October this year.
LG did not disclose the terms of the deal.
LG Electronics, also the world's No. 3 handset maker, is diversifying its business portfolio into new areas such as health care as its existing businesses are struggling due to increased competition.
Last year, LG Electronics said it will invest more than 500 billion won (US$471 million) over the next 10 years and aim to generate sales of 7 trillion won from water treatment-related business.
Local conglomerates such as SK and Doosan are also rushing to tap the water treatment business.
The purchase of Daewoo E&T, the country's third-largest water processing firm, came as LG Electronics is planning to set up a joint venture for a water treatment business with Hitachi Plant Technologies of Japan in October this year.
LG did not disclose the terms of the deal.
LG Electronics, also the world's No. 3 handset maker, is diversifying its business portfolio into new areas such as health care as its existing businesses are struggling due to increased competition.
Last year, LG Electronics said it will invest more than 500 billion won (US$471 million) over the next 10 years and aim to generate sales of 7 trillion won from water treatment-related business.
Local conglomerates such as SK and Doosan are also rushing to tap the water treatment business.
