Innovation Takes the Stage: LG NOVA Reveals 2024 Startup Pitch Winners

SANTA CLARA, Calif., Oct. 29, 2024 — Showcasing cutting-edge technological solutions, LG NOVA, the North America Innovation Center of LG Electronics, announced the winners of the 2024 Startup Pitch Competition, co-sponsored by LG Chem. This year’s event, held during LG NOVA’s annual InnoFest in San Francisco, featured standout startups focused on Life Sciences, Open Innovation, HealthTech, AI, Smart Life and CleanTech, with three companies recognized for their potential to drive impactful change.

Ten startups competed for cash prizes and recognition in front of a panel of industry experts, LG executives and investors. The 2024 winners are:

First Place: mDETECT Inc. – mDETECT has developed highly-sensitive cancer blood tests using DNA sequencing, offering a universal approach to monitoring therapy response and detecting cancer progression. The company received the top prize of USD 15,000.
Second Place: Glidance – Glidance is revolutionizing independent mobility for people who are blind or have low vision with Glide, the first AI-powered intelligent guide, which enhances confidence, safety, and autonomy. Glidance was awarded USD 10,000.
Innovation for Impact: Oncoustics – Oncoustics is transforming low-cost point-of-care ultrasound devices into powerful diagnostic tools for early detection and monitoring of liver diseases using AI. Oncoustics received USD 10,000 for its selection as Innovation for Impact company. This award category was sponsored by LG Chem.

In addition to cash prizes, participants will have the chance to explore further collaboration through LG NOVA’s Mission for the Future Program, which seeks to support innovative startups through potential collaborations, partnership programs, marketing opportunities and other resources.

“We’re excited to recognize startups that are truly pushing the boundary of what’s possible, developing technologies that have the potential to make an impact on people’s lives,” said Dr. Sokwoo Rhee, corporate executive vice president for innovation at LG Electronics and head of LG NOVA. “These companies are leading the way in critical fields like healthcare, cleantech, AI and life sciences and we look forward to exploring opportunities with them as they continue to advance their innovations. Together, we can shape a brighter tomorrow by driving meaningful change through collaboration.”

The fourth annual LG NOVA InnoFest brought together industry leaders, investors and startups to explore emerging technologies in a collaborative environment. This year’s theme, “Lighting the Halo for Innovation,” emphasized the importance of co-creation in driving meaningful progress. The festival featured over 70 speakers, covering topics ranging from building successful ventures and the future of AI to innovative digital care models, energy management and more.

# # #

Crafting Vietnam’s Dream Home: LG and AKA Furniture’s Vision of Elegant, Smart Living

LG Objet Collection epitomizes artful home appliances that seamlessly complement any space. And since beauty is not just on the outside, each appliance boasts innovative technology and leverages the LG ThinQ platform to ensure a smarter home that prioritizes convenience.

To help consumers realize their dream homes – spaces that embody convenience and evoke positive emotions – LG Vietnam teamed up with AKA, a leading interior design brand that has propriety rights of over 30 famous furniture brands. Together, they crafted inspiring living space concepts showcased in BoConcept showrooms, a luxurious furniture design brand exclusively distributed by AKA. Here, the latest appliances and devices from the LG Objet Collection were prominently displayed, curating harmonious spaces that reflect unique tastes and styles.

The living room was transformed into an art exhibition with LG OLED Posé TV. The product’s luxurious design, characterized by soft, rounded lines and a beige fabric finish, inspires a warmer, more intimate atmosphere. The Posé minimizes visual clutter by concealing cables and accessories behind its cover, while cleverly routing the power cord along the base.

The kitchen was elevated with the LG Objet InstaView refrigerator and LG Quadwash TrueSteam dishwasher, which feature elegant designs and advanced technologies to bring aesthetics and convenience to the heart of every home.

In the bedroom, the LG PuriCare360 Alpha PET air purifier became an indispensable element by quietly cleaning the air, ensuring the best night’s sleep. Its unique two-tiered cylindrical design added a stylish touch that accentuated the relaxing ambiance of the room. The stylish LG Stanby ME smart screen, with various customization options and effortless portability, was another popular choice for family homes.

Another design marvel for the home was the LG Objet Styler, which boasts a modern design with minimalist square edges, resembling a small wardrobe. To ensure it blends effortlessly into any interior, its screen can be hidden away and only appears when touched by the user. Meanwhile, the LG WashTower introduced a “new breeze” to laundry spaces with its stacked washer and dryer design, utilizing a single control panel for optimal cleaning while saving valuable space.

Beyond its pioneering and creative designs, the LG Objet Collection integrates LG’s leading technologies, allowing customers to enjoy a daily paradise of convenience. Each product in the high-end collection connects seamlessly to the LG ThinQ app, empowering users to control their devices via smartphone, ensuring spaces are always tailored to their preferences.

Interior design experts note that the subtle yet elegant colors of beige, black and green not only allow the LG Objet Collection harmonize with a wide array of design styles but also add a touch of refinement and coziness to living spaces. These colors contrast beautifully with natural elements like stone, wood and tiles, enhancing the overall depth of the décor.

With today’s customers expecting new products to do more with less, the experience space also showcased LG PuriCare Aero Furniture, featuring a unique design that resembles a modern coffee table. Complete with a control panel and a wireless charging pad for smart devices, its cylindrical base purifies the air while maintaining a sleek aesthetic.

This collaboration between LG and AKA exemplifies the ideal home for modern consumers, merging aesthetically pleasing designs with life-enriching functionality. It reflects LG’s long-standing commitment to enhancing the overall user experience while promoting easier interactions with their products.

Contributed by LG Vietnam

# # #

LG Wins 2025 AHR Innovation Award for Residential Cold Climate Heat Pump

Award-winning Heat Pump Delivers Advanced Efficiency and
Heating Performance in Extreme Cold Conditions

SEOUL, Oct. 29, 2024 — LG Electronics (LG), a leading global player in air conditioning technologies, has been honored with the 2025 AHR Innovation Award in the Sustainable Solutions category for its advanced LG Residential Cold Climate Heat Pump. The award was decided by an independent panel of ASHRAE member judges, who assessed product entries based on their design, creativity, application, value and market impact potential.

The LG Residential Cold Climate Heat Pump, which will be showcased at the AHR Expo 2025 in Orlando, Florida next February, offers opportunities to reduce energy consumption, contributing to climate change mitigation while improving inhabitants’ comfort.

Designed specifically for cold regions, LG’s heat pump operates effectively at temperatures as low as negative 35 degrees Celsius (negative 31 degrees Fahrenheit). It retains full heating capacity at negative 25 degrees Celsius (negative 13 degrees Fahrenheit) and functions at 70 percent capacity at negative 35 degrees Celsius (negative 31 degrees Fahrenheit). Additionally, the innovative heat pump incorporates a refrigerant cycle that prevents frost accumulation on the outdoor heat exchanger, thereby enhancing heating performance. The impressive solution is also equipped with a high-capacity, high-efficiency twin rotary inverter compressor that uses low Global Warming Potential (GWP) R32 (GWP 675) refrigerant, available with HSPF2 13.4 Btu/Wh and 13.6 kBtu/h.

“The recognition from ASHRAE and AHR reflects LG’s ongoing dedication to HVAC technological innovation and electrification,” said James Lee, head of the Air Solution Business Unit at LG Home Appliance & Air Solution Company. “The Residential Cold Climate Heat Pump is a solution that can withstand extreme cold weather conditions and help improve energy efficiency in homes. Our focus remains on creating more environmentally responsible solutions that align with consumer needs while simultaneously reducing our global environmental footprint.”

LG’s comprehensive suite of heating and cooling solutions for commercial, light-commercial and residential applications continues to receive industry recognition. This is largely due to LG’s consistent efforts to provide innovative HVAC solutions leveraging the company’s advanced core technologies, which elevate performance and support the move to electrification.

LG prioritizes heat pump advancement as a key component of the U.S.’s climate improvement efforts. Several states have committed to improving decarbonization, setting a goal for heat pumps to constitute at least 65 percent of all new HVAC and hot water heating systems by the end of the decade.

LG’s commitment to these broader goals is further demonstrated by its leadership of the Consortium for Advanced Heat Pump Research, founded in collaboration with the University of Alaska to establish an Advanced Cold Climate Heat Pump Laboratory in Alaska. LG has also set up a global R&D triangle connecting North America, Europe (Oslo, Norway) and Asia (Harbin, China), with the aim of accelerating the development of high-performance heat pumps for regions that endure extreme cold.

“We understand the need to develop and validate products under extreme cold conditions, and the award-winning LG Residential Cold Climate Heat Pump is a testament to our ongoing efforts in this important area,” added Lee. “By minimizing reliance on fossil fuel-driven heating systems and cutting down on any supplementary back-up heating, the heat pump reduces environmental impacts and supports the larger decarbonization and electrification movements.”

# # #

[Executive Corner] Insight Relations: Paving the Way for LG’s Future Vision

“While IR is traditionally understood as Investor Relations, I view it as Insight Relations.” LG CEO William Cho has often expressed this sentiment, and I wholeheartedly share his point of view. Over the last 25 years, I have dedicated considerable time to understanding the intricacies of the world’s capital markets, including a stint as an analyst in the IT and tech industry. My experiences have shown me that the active exchange of information and knowledge between companies and investors is essential for mutual success. Today, I take great joy and satisfaction in seeing our company make a significant impact in the market and among investors by presenting our latest business strategies. Being part of this new leap forward is truly gratifying.

Last year, we announced a major business transformation, unveiling our vision to become a “Smart Life Solution Company” that connects customer experiences across home, commercial spaces, mobility and even the metaverse. To achieve this, we have set ourselves the “Triple Seven” target: seeking to reach seven percent average growth rate, seven percent operating profit and an enterprise multiple (EV/EBITDA) of seven, all by 2030. We also plan to invest over KRW 50 trillion for qualitative growth by the beginning of the next decade.

Naturally, the attention of Korean and global investors and analysts began to focus on our enterprise value. Numerous questions were raised regarding the foundation and substance of our “Smart Life Solutions,” our growth potential and whether the announced changes were valuable enough to warrant the long-term investment of assets. As an analyst who has witnessed LG’s various transformations and efforts over the years, the initial market reaction was entirely understandable.

Building on “responsibility” and “authentic communication,” which have been upheld as core values of investor relations (IR) for decades, we have expanded the involvement and role of top management, thereby enhancing trust in our corporate activities. We have also significantly improved policies aimed at increasing shareholder value. In addition, we are expanding efforts to contribute to the healthy development of capital markets from a macro perspective.

Communication Leadership

As the shift in business direction marks a critical turning point with regard to the company’s future blueprint, it was only natural for those leading the changes to step forward and take on the role of “communicators.” Accordingly, starting with the announcement of the “Future Vision 2030” in July last year, our CEO, CFO and other top executives have engaged in open and candid communications at key IR events, such as the general shareholders’ meeting, corporate briefings for global investors and investor forums. Beginning this year, the regular earnings conference calls, which were previously led by IR and business unit management, are now overseen directly by the CFO.

Active Policy Changes to Improve Shareholder Value
In addition, we announced a new three-year dividend policy (covering fiscal years 2024 to 2026) earlier this year aimed at enhancing shareholder value. This policy includes changes such as adjusting the dividend record date, changing the dividend cycle, setting a minimum base dividend and increasing the dividend payout ratio.

In August, we became the first among the affiliates of Korea’s top 10 conglomerates to announce a value-up participation disclosure aimed at enhancing corporate value. On October 22, we announced our “Corporate Value-Up Program,” a master plan to boost shareholder value and normalize the company’s valuation. To enhance predictability for investors, we will continue with the base (minimum) dividend of KRW 1,000 per share and semi-annual dividends, which both began this year, while also considering quarterly dividends in the future.

Growth with the Market
Most people reading this article are likely well aware that companies, investors and the market are interconnected in an organic relationship. LG Electronics aims for healthy, mutual growth with the capital market. To this end, we have developed an IR Activity Management System that quantitatively analyzes IR activities for publicly listed companies and are sharing our operational know-how both internally and externally. Additionally, we have been collaborating with the Korea Investor Relations Service (KIRS) for several years, giving lectures on the direction of IR activities related to ESG (environmental, social and governance) and consistently contributing to the development of the capital market.

Personally, as an analyst, I take great pride in sharing the knowledge and expertise I have accumulated from working at various companies and, through this, contributing to the positive cycle of market development alongside my colleagues.

Earlier this month, we were honored with the Financial Services Commission Chairman’s Award (Grand Prize), the highest award in the corporate category, at the 2024 Korea IR Awards hosted by the KIRS.* The award holds great significance as it acknowledges our contributions to maintaining systematic and sincere communications with the market, as well as our efforts to secure a stable investment base as recognized by capital market authorities and various experts.

Going forward, we will continue our commitment to proactive and genuine communication across all business activities to further build investor trust. I, too, will continue to strive to establish LG as an “Insight Leader” that drives healthy, mutual growth for the market, companies and investors alike.

By Park Won-jae, vice president and head of IR Division at LG Electronics

# # #

* Hosted by KIRS under the Korea Exchange since 2001, the Korea IR Awards are presented annually to companies and individuals who have contributed to the healthy development of capital markets through effectively IR activities. Companies and individuals recommended by analysts and institutional investors are selected through a rigorous evaluation process conducted by a professional review panel and a selection committee.

Sparking Positive Change Within Local Communities

LG’s Better Life for All vision encompasses every aspect of life, emphasizing sustainable living and raising educational standards for children in rural areas. In line with this commitment, LG offices around the world actively participate in local initiatives aimed at improving the lives of the people and communities they engage with daily.

To commemorate World Cleanup Day (September 20) and International Coastal Cleanup Day (September 21), LG Singapore organized its first-ever beach cleanup event at East Coast Park in conjunction with local green social enterprise Green Nudge.

As part of the brand’s sustainability efforts, this initiative sought to highlight the importance of taking action against Singapore’s growing marine plastic pollution problem while promoting the 3Rs – Reduce, Reuse and Recycle – when dealing with used packaging.

By combining the company’s eco-conscious innovations with a community-driven effort, LG Singapore hopes this initiative will help foster a culture of environmental consciousness within consumers.

With the much-appreciated help of Green Nudge, over 100 LG Singapore employees collected 293 kilograms of trash – mainly plastic packaging, bottles and Styrofoam – from three sites across Singapore’s eastern coastline, which was then carefully processed for proper disposal.

To foster camaraderie among employees, LG Singapore organized eager volunteers into teams and promised an award to the group that collected the most trash. The winning team, which collected a total of 104 kilograms of trash in just one hour, received a small token of appreciation from Gerald Chun, managing director of LG Singapore.

The success of the beach cleanup highlights LG’s dedication to environmental stewardship and community involvement, with the revitalized beach serving as a powerful reminder of the impact collective action can have. LG Singapore looks forward to promoting sustainability in more exciting ways and inspiring others to join its mission to preserve nature.

Moving on to another vibrant part of Asia, in the spirit of Life’s Good, LG Taiwan hosted an event in September to inject positive change into the local community. Since 2009, LG Taiwan has been deeply committed to improving the standards of education in the nation’s rural areas, working alongside third-party organizations and public welfare institutions to inspire warmth and hope. This long-standing dedication was recently demonstrated through a collaboration with the Feng Chia University School of Architecture.

This involved LG Taiwan assisting Feng Chia University’s Book Hut Project to create an impactful after-school learning space for children living in the countryside. First, LG donated smart home appliances to meet their daily needs, with the local children taking an immediate liking to the LG TV’s advanced voice control features and its sheer size. LG also donated two washing machines that make everyday laundry easy and convenient, requiring only the press of the power and start buttons to operate.

Under the leadership of Jeong Yeon-kwan, managing director of LG Taiwan, a team of 23 LG employees joined student volunteers from Feng Chia University in Hualien to transform a building into an inspirational learning environment with a new lick of paint and various decorations.

In addition to getting hands-on in Hualien, LG Taiwan donated home appliances to the rural Nantou and Taitung regions to spread the power of education. Managing director Jeong showed teachers and children how each appliance works to ensure they received the full benefits. And to add a personal touch to their visit, LG volunteers prepared Korean snack packs for the children and student volunteers.

To support the transformation of its local community, LG East Africa collaborated with Korea Food for the Hungry International (KFHI) to complete two local projects. These initiatives – in Kajiado County and Nairobi’s Huruma slums – were the winning entries of the 2024 LG Ambassador Challenge. Each received KES 1 million in funding to make an impact on local communities.

As a part of the first initiative in Kajiado County, LG East Africa took part in transforming Intinyika Primary School. The school, which has 180 students, was equipped with essential infrastructure, including a solar power system, water storage facilities and computers. These upgrades address critical needs, such as electricity, water and educational resources, significantly improving the learning environment for local students. LG is hopeful that the new equipment will benefit and improve the lives of local students, with the new computers enabling them to learn more about digital technologies in a more comfortable learning environment.

In Nairobi’s Huruma slums, LG East Africa provided aid to the Furaha Community Foundation to improve their physiotherapy center, which treats more than 30 children with disabilities. With the funds from the LG Ambassador Challenge, the center acquired essential equipment, including gym tools, to provide effective care and treatment.

Now in its fourth year, the LG Ambassador Challenge is part of LG East Africa’s social responsibility initiatives. The program aims to recognize and support groups that actively address pressing challenges within their communities. The 2024 edition saw 53 applications, with the winning projects standing out for their potential to create lasting change. To ensure the sustainability of these projects, KFHI will continue to provide customized monitoring and support. This includes regular visits, communication and oversight to maximize the impact and facilitate meaningful change within the communities.

LG will continue to arrange various activities around the globe to spread its Life’s Good brand promise. To learn more about LG’s local initiatives around the world, visit LG Newsroom.

Contributed by LG Singapore, LG Taiwan and LG Kenya

# # #

LG Releases Third-Quarter 2024 Financial Results

Company Achieves Highest Third-Quarter Revenue and Sustains
Year-Over-Year Growth for Four Consecutive Quarters

SEOUL, Oct. 24, 2024 — LG Electronics Inc. (LG) today announced its third-quarter 2024 consolidated revenue of KRW 22.18 trillion and an operating profit of KRW 751.9 billion. This revenue marks the highest ever for a third quarter, while the operating profit ranks as the fourth highest in the company’s history.

Several external factors impacted the third quarter, including a prolonged delay in market demand recovery and ongoing geopolitical conflicts worldwide. These challenges led to a rise in global shipping expenses, contributing to increased costs.

Despite these obstacles, LG has achieved year-over-year revenue growth for four consecutive quarters by upgrading its business portfolio. This includes transforming business methods and models and expanding B2B operations. These efforts have allowed LG to partially offset the unavoidable cost increases, enabling the company to maintain a robust operating profit, signifying the retention of strong fundamental competitiveness.

Looking ahead, LG plans to further accelerate its business transformation by expanding home appliance subscriptions, direct-to-consumer (D2C) sales and volume zone product sales. In addition, the company aims to drive steady growth in the B2B sector while also expanding platform-based content and service businesses.

The LG Home Appliance & Air Solution Company generated third-quarter revenue of KRW 8.34 trillion and an operating profit of KRW 527.2 billion. Compared to the same period last year, revenue increased by 11.7 percent and operating profit by 5.5 percent. Despite challenging external conditions, LG’s home appliance business outperformed its peers, reaffirming its top-tier competitiveness. Even with the delayed recovery in global appliance demand, the rapid growth of the subscription business model and B2B HVAC business drove revenue expansion. Although the surge in logistics costs in the second half of the year significantly impacted operating profit, the company achieved results exceeding the same period last year, thanks to revenue growth and exceptional manufacturing competitiveness.

In the fourth quarter, market conditions are expected to gradually improve, as indicated by improvements in leading economic indicators in major countries and interest rate cuts. LG plans to diversify its home appliance lineup and pricing strategy to meet the growing demand in emerging markets, while also expanding new businesses such as subscriptions and D2C sales to maintain revenue growth. The company will continue to focus on efficient operations, considering the seasonal increase in marketing expenses, to secure profitability.

The LG Home Entertainment Company posted third-quarter revenue of KRW 3.75 trillion and an operating profit of KRW 49.4 billion. Revenue increased by 5.2 percent compared to the same period last year, driven by increased shipments in Europe – a key market for OLED TVs. Although the cost burden increased significantly due to a sharp rise in LCD panel prices, the continued growth of the webOS-based content and services business minimized the impact on overall profits.

In the fourth quarter, the TV market is expected to see slight growth, primarily in entry-level products, compared to the same period last year. LG plans to respond flexibly to changes in TV market demand while accelerating growth by expanding its webOS partnerships to increase its user base.

The LG Vehicle component Solutions Company reported third-quarter revenue of KRW 2.61 trillion and an operating profit of KRW 1.1 billion. Revenue increased compared to the same period last year but slightly decreased from the previous quarter due to a slowdown in electric vehicle (EV) demand. Operating profit also declined, impacted by increased R&D expenses for securing software-defined vehicle (SDV) technology and preemptive investments for mass production of order volumes.

The market in the fourth quarter is expected to maintain a growth trend compared to the same period last year and the previous quarter. However, growth is anticipated to slow due to stagnant EV demand. LG plans to focus on sales growth based on its secured order backlog and on strengthening the market position of its main products, including telematics, AVN and motors. Additionally, the company will continue efforts to improve efficiency across its operations and pursue profitability.

The LG Business Solutions Company reported third-quarter revenue of KRW 1.40 trillion and an operating loss of KRW 76.9 billion. Revenue grew year-over-year due to increased sales of strategic products such as gaming monitors and LED signage, as well as securing large-scale B2B orders for PC products. However, the operating loss expanded due to rising LCD panel prices, increased logistics costs, intensified competition and higher investments in nurturing new businesses within the Company.

In the fourth quarter, demand for strategic product lines including gaming monitors and LED signage is expected to grow by double digits compared to the same period last year. Additionally, the rising interest in AI PCs is anticipated to boost demand for premium laptops. Consequently, the Company plans to expand sales of strategic products and focus on improving profitability through efficient operations.

Meanwhile, following a board resolution last month, LG decided to discontinue its battery pack business. As a result, starting from the third-quarter earnings report, related revenue and operating profit will be treated as discontinued operations in the financial statements. This will also lead to adjustments in past revenue and operating profit figures.

Earnings Conference and Conference Call
LG Electronics will hold a Korean / English conference call on October 24, 2024, at 16:30 Korea Standard Time (07:00 GMT/UTC). Conference call participants should pre-register online to receive a private PIN. The corresponding presentation file will be available for download at the LG Electronics website before the call.

# # #

LG Showcases Self-Driving AI Home Hub at ROSCon 2024

A picture of LG Electronics' booth at ROSCon 2024

Company Unveils Open SDK, Enabling Developers to Customize and
Enhance Smart Home Appliance Experiences

SEOUL, Oct. 23, 2024 — LG Electronics (LG) is presenting its Self-Driving AI Home Hub and open Software Development Kit (SDK) at ROSCon 2024, the Robot Operating System Conference, taking place in Odense, Denmark, from October 21 to 23. This showcase provides the company with an opportunity to engage with the global developer community, share its technological expertise and explore new avenues to expand its open platform ecosystem.

Now in its 13th year, ROSCon brings together Robot Operating System (ROS) developers – both beginners and experts – to share and present their newest technologies, innovations and ideas. LG’s on-site booth highlights its SDK and Application Programming Interfaces (API) by providing a step-by-step experience of predefined apps using the API Tool. The company is demonstrating the Self-Driving AI Home Hub’s major features and services, including small talk, storytelling and reading sessions utilizing Optical Character Recognition (OCR). In addition, there will be a demo session where developers can create apps for the Self-Driving AI Home Hub using the open SDK.

The SDK package gives developers easy access to various Open Application Programming Interfaces (OPEN APIs) and programming tools, allowing them to have greater control over the Self-Driving AI Home Hub and seamlessly expand its software functionalities through ROS 2 and SDK, which support standardized interfaces. SDK is now available on LG’s developer site (q9.developer.lge.com), which also hosts a community platform for interaction and an application marketplace where developers can download apps created by others.

LG is also actively seeking partnerships with institutions and companies for collaboration based on the SDK. The company is providing engineering samples for advanced joint development projects and is pursuing Memorandum of Understanding (MOU) agreements. By providing easily accessible programming tools, LG aims to maximize the Self-Driving AI Home Hub’s potential and expand the ecosystem as an open platform. Parties interested can apply for joint development opportunities at q9.developer.lge.com.

Baek Seung-min, head of LG’s Advanced Robotics Lab (CTO Division), will deliver a presentation during the ROSCon 2024 Talk session on October 23 at 17:20 (CEST). The talk will focus on the software’s architecture and SDK performance optimization techniques for LG’s Self-Driving AI Home Hub, based on ROS 2. LG will also invite ROS developers to join the growing ecosystem by releasing its SDK, fostering an environment that promotes collaborative efforts on product development with customers.

“The introduction of SDK for the Self-Driving AI Home Hub demonstrates our vision of expanding the OS appliance ecosystem with the introduction of downloadable services that permit users to personalize their home appliances,” said Lee Hyang-eun, head of Customer Experience Innovation Division of LG Electronics Home Appliance & Air Solution Company. “This is the latest phase in our mission to expand the OS appliance ecosystem and lead the industry into a new era of smart home appliances.”

Visitors to ROSCon 2024 can explore the company’s innovative Self-Driving AI Home Hub with SDK and APIs at the LG booth (#19) situated on the ground floor of the Odeon Concert Hall.

# # #

Corporate Value-up Program Announcement

SEOUL, Oct. 22, 2024 – LG Electronics (LG) has announced its Corporate Value-up Program, a comprehensive plan that includes mid- to long-term business goals and strategies aimed at enhancing enterprise value. The program also outlines policies and plans to enhance shareholder value and future returns.

LG believes that sustained growth is the key to enhancing enterprise value. Guided by its “Future Vision 2030,” which focuses on evolving into a future-oriented business structure and achieving sustainable growth, the company is consistently working on transforming its business portfolio.

The goal is to achieve KRW 100 trillion in revenue and meet its “Triple Seven” targets: a 7 percent average annual growth rate, a 7 percent operating profit rate and an enterprise multiple (EV/EBITDA) of 7. By 2030, LG expects that the transformed business portfolio areas will account for 52 percent of total sales and 76 percent of operating profit, with an aim for a return on equity (ROE) of over 10 percent by 2027.

The shareholder return policy included in this value-up program will be applied for three years, from the 2024 business year to the 2026 business year. It will utilize more than 25 percent of the consolidated net income based on controlled shares (excluding one-off non-recurring profit) for shareholder returns.

To enhance shareholder value, the company will continuously review incinerating current treasury shares and explore further buyback options.

# # #

LG’s Global Efforts to Combat Hunger on World Food Day

A photo of the LG Hope Screen with the LG video showing up on the screen

Despite the fact that farmers across the world produce enough food to feed every global citizen, hundreds of millions – many of them children – still go to bed hungry every night. In fact, the Food and Agriculture Organization (FAO) of the United Nations estimates that as much as 733 million people suffer from hunger due to various factors such as weather shocks, conflicts, economic downturns, inequality and pandemics.

To bring more attention to global hunger, malnutrition and food insecurity, the FAO assigned October 16 as World Food Day. Under this year’s theme, “Right to Foods for a better life and a better future,” the FAO created a video illustrating the production and sharing of food across different cultures while highlighting that access to a diverse range of safe, nutrient-rich foods should be a human right.

In its commitment to spreading awareness, LG showcased this video on its expansive New York Times Square and London Piccadilly Circus billboards as a part of the LG Hope Screen program. Earlier this year, the LG Hope Screens promoted restoration for World Environment Day and, last year, featured FAO’s campaign video for World Food Day 2023.

As a global corporate citizen that recognizes the importance of acting now, LG is dedicated to improving the lives of people from all backgrounds through its social contribution activities organized under the company’s Better Life for All vision. LG offices around the world have aligned under this company-wide vision to address various global issues, with a particular focus on alleviating poverty and hunger in less fortunate areas.

For instance, LG India has been taking a strong stance against malnutrition by bolstering local children’s food and nutrition security with its flagship CSR project, “The Life’s Good Nutrition Program.” In 2023, LG India leveled this project up by joining forces with Akshaya Patra, a leading NGO, and the Annapoorna Trust, a charitable trust, to serve nourishing breakfasts and lunches to no less than 59,000 children attending government schools across the country.

Coinciding with its Better Life for All initiatives, LG Indonesia’s “LG Loves and Cares” program supports various social causes. This program involved the distribution of food packages to locals of all ages, with each delivery reviewed by a leading nutritionist to ensure a nutritional balance that promotes better well-being.

With similar programs showcasing its Better Life for All vision running in other parts of the world, including Nigeria, Mexico and Iran, stay tuned to the LG Newsroom for more.

# # #

[Executive Corner] Smart Life Solutions for a Zero Labor Home

An illustration of Oh Sai-kee, Head of LG Electronics Home Appliance and Air Solution R&D Center

As smart home and electrification technologies emerge as key trends in the home appliance sector, we are seeing an industry-wide shift away from simple product sales to a more service-oriented business model.

Smart home technology simplifies the management of complex devices through a range of helpful automation features. By utilizing insights gained from home appliances and Internet of Things (IoT) sensors, the latest smart home tech can better understand customer’s lifestyles and needs. This, in turn, enables the delivery of proactive, tailored services that reduce the burden of household chores. As the technology advances, we move closer to the realization of what LG calls the Zero Labor Home.

*This image is designed to aid understanding of a smart home solution that connects and controls devices within the home (Image Source: Feepik)

Smart home solutions have become a major focus not only for appliance manufacturers but also for IoT, telecommunications, construction and big tech companies. The introduction of smart home standards or protocols, such as Matter,¹ is enhancing connectivity between appliances, IoT devices and home systems. Moreover, generative artificial intelligence (AI) and ambient computing² technologies are making it possible for users to control devices and services through voice commands alone, saving them time and making life at home far more convenient.

*This image was created to aid understanding

One of the leaders in this space, LG recently introduced its latest AI Home solution, offering users the ability to control their home appliances and IoT devices through conversational voice commands. FURON, LG’s generative AI agent and the brain of the AI Home, is able to learn and remember users’ preferences for various devices and apply the appropriate settings in the given situation. Furthermore, LG AI Home connects seamlessly with appliances and IoT devices from a growing number of global brands and integrates flawlessly with various types of apps through ThinQ ON, LG’s AI home hub. The company is continuing to expand its AI Home ecosystem to offer users a broader range of smart home solutions and services.

The transition from fossil fuel to electricity-powered products is a significant global trend – one that is expected to accelerate due to the enforcement of international regulations aimed at mitigating global warming. Boilers are rapidly being replaced by heat pump heating systems, gas ranges by induction cooktops and gas dryers by heat pump dryers. Against this backdrop, LG is actively strengthening its research and development (R&D) programs to discover more efficient and reliable heat pump technologies. These efforts include the recent completion of the company’s “global R&D triangle” to create specialized solutions for cold climates, and the hosting of the Global Heat Pump Consortium, which was founded by LG in collaboration with international universities.

*This image was created to aid understanding

Moving forward, electrification technology will evolve into smart home energy solutions that optimize energy generation, storage and usage within the home. Ultimately, this evolution will give rise to living environments whose occupants can enjoy convenient cooking, heating and cooling – and a dependable supply of hot water – while simultaneously reducing household energy consumption and environmental impacts.

Known for its expertise in smart life solutions, LG has always emphasized the importance of innovation. LG’s core technologies, including the linear compressor (refrigerators), Direct Drive motor and TrueSteam™ technology (washing machines, Styler), and dual rotary and scroll compressors (air conditioners), have played a crucial role in the company’s rise to leadership in the global home appliance market. Looking ahead, the role of LG’s R&D division will be even more vital in discovering new electrification and smart home technologies. Through a commitment to excellence and a spirit of inquiry, LG will continue to lead the way to a better future.

By Oh Sai-kee, Head of LG Electronics Home Appliance and Air Solution R&D Center

# # #

¹ A smart home and IoT device connectivity standard developed by the Connectivity Standards Alliance (CSA). Matter enables seamless interoperability between smart devices and platforms from diverse ecosystems.
² Ambient computing refers to technology that is able operate invisibly in the background, blending into the environment and working automatically without users noticing its presence. Also referred to as “invisible computing” or “disappearing computing”.

LG Unveils New Business Monitors for Productivity and Comfort

A photo of three types of LG business monitors

Company’s Business Monitor Lineup Boasts a Wide Range of Screen Resolutions and Sizes,
Offering Versatile Options to Meet a Broad Spectrum of Workplace Needs

SEOUL, Oct. 18, 2024 — LG Electronics (LG) is launching its business monitor lineup, introducing 20 brand-new models designed to enhance productivity and ergonomic comfort in the workplace. Well known for its premium consumer monitors, LG is now expanding into the B2B sector with monitors tailored to the needs of diverse professional environments, from corporate and government to education, healthcare and the creative industries. The impressive lineup presents customers with a wealth of choices, including a variety of different aspect ratios and screen resolutions ranging from QHD to Full HD.

LG UltraWide™ Displays: Spacious, High-resolution Screens
Available in the 21:9 aspect ratio, LG’s UltraWide™ business monitors are outstanding multitasking solutions with high-resolution screens. The 34BA85QE-B and 34BA75QE-B feature 34-inch curved QHD+ (3,440 x 1,440) resolution IPS displays that deliver sharp, detailed visuals and accurate color reproduction. They also provide excellent color consistency across a wide viewing angle, ensuring distortion-free images from practically any vantage point.

Suitable for government control rooms, financial traders, IT developers and programmers, the extended screen format of LG UltraWide™ business monitors makes multitasking easier, giving users the space to keep several windows open at the same time. The 34BA85QE-B comes equipped with a built-in webcam and microphone, enabling convenient video conferencing without the need for additional devices. LG’s feature-packed UltraWide™ business models also offer Picture-by-Picture (PBP) mode, specifically supporting 2PBP, which streamlines workflow by allowing users to display up to two windows side by side.

Additionally, thanks to the inclusion of USB-C 3.2 Gen1 with power delivery (up to 90W), LG’s UltraWide™ monitors can charge connected devices while simultaneously displaying content from them, making life even more convenient for busy professionals.

QHD Monitors: Ergonomic Designs with Adjustable Stands
Ideal for customer-facing settings, such as government service centers, airports and hotel lobbies, LG’s QHD monitors feature ergonomic designs with height-, swivel-, and tilt-adjustable stands that help deliver customized comfort for each user. This flexibility offers numerous possibilities for monitor-position adjustment. For example, the screen can be significantly lowered to enable direct eye contact and better communication between staff and customers. Furthermore, the inclusion of Reader Mode helps to lessen eye fatigue when reading documents, making the new monitors more comfortable to use for extended periods. The monitors also help safeguard users’ eye comfort with Flicker Safe Mode, which minimizes the occurrence of screen flickering.

The company’s QHD lineup includes two 27-inch, high-resolution variants (models 27BA75QB and 27BA65QB), each fitted with a premium IPS display that provides exceptional clarity, a wide viewing angle, 99 percent coverage of the sRGB color gamut and support for SDR and HDR modes. Along with precise color reproduction, both of the new QHD models boast a 100Hz refresh rate that results in smooth visuals and a pleasant user experience. To ensure compatibility with the widest possible range of digital devices and peripherals, LG’s QHD monitors incorporate multiple connectivity options, such as USB-C and HDMI.

Full HD Monitors: Enhancing User Convenience
LG’s Full HD Monitors are well suited to roles that require users to work with data or content from multiple external devices, offering USB Type-C and other types of USB ports. Available in 27- and 23.8-inches, LG’s business monitors with Full HD (1,920 x 1,080) resolution IPS panels (models 27BA850 and 24BA850) come with built-in speakers and webcams for convenient video conferencing. Each monitor also has its own internal power supply to ensure reliable performance and minimize clutter in the workspace.

Reflecting LG’s commitment to sustainable product design, the new business monitors come with globally-recognized energy and environmental certifications, including ENERGY STAR, EPEAT, and TCO Certified. Full HD models 27BA850, 24BA850, 27BA750, 24BA750, 27BA650 and 24BA650 have all earned a silver rating from EPEAT indicating that products meet a broad and robust set of criteria, also making them a more sustainable purchasing option.

“LG’s new business monitors meet the growing demand for high-resolution, ergonomically designed workplace screen solutions,” said YS Lee, vice president and head of the IT business unit of LG Business Solutions Company. “With our market-leading B2B monitors, we aim to support the digital transformation of the workforce and enhance the employee experience.”

For more information, visit LG IT B2B Digital Showroom.

# # #

[Customers at Heart] Trial and Buy: Reshaping Hong Kong’s Customer Experience

A picture of Hong Kong customer taking a phito of LG products at the pop-up store

In the fifth episode of our “Customers at Heart” series, we discover how LG Hong Kong is actively taking steps to enhance local customers’ experiences by introducing an easy and convenient “Trial and Buy” program to the nation.

For LG Electronics, delivering a customer experience that excels in every aspect is crucial to enriching the lives of customers. Through this belief, the company is committed to ensuring a Better Life for All by providing the most uncompromising customer experiences, which is reflected in its commitment to enhance customer interaction and engagement. This mission is consistent across the world, with its Hong Kong office leading the way through its consistent efforts to elevate customers’ everyday lives.

With a strong emphasis on its customer-centric approach, LG Hong Kong has been working tirelessly to increase the number of opportunities for customers to try and experience its newest products themselves, so that they know they love them before spending any money. Take the LG Pra.L Pop-Up Store as a prime example of this. Dedicated to the launch of the Pra.L home beauty lineup, each member of staff on site at the pop-up space was trained to deliver personalized assistance and expert guidance, ensuring the most seamless and informative shopping experience.

Yuri Han, managing director of LG Hong Kong

Within the online realm, the company’s website and e-shop platform feature user-friendly interfaces as well as all the product information customers could possibly need. LG Hong Kong has also invested in advancing online search and filtering capabilities to make product discovery even faster and easier.

What’s more, LG Hong Kong launched its decision-enhancing “Trial and Buy” program, which lets customers test the latest products for a short period before purchase. The program’s launch coincided with the release of new products as to receive quick feedback that could be used to develop customized marketing and sales strategies, and to inspire various enaging activities. By actively listening to needs, addressing their concerns and offering them tailored recommendations, LG Hong Kong has maximized customers’ satisfaction and loyalty by making them feel valued by the brand.

This new approach to customer engagement harmonizes physical and digital experiences that are tailored to Hong Kong consumers who value innovation and personalization. It reflects a broader trend towards experiential marketing, emphasizing a seamless customer experience at every touchpoint.

The company hopes its efforts provide the easy, convenient experiences that empower consumers to take charge and feel the true meaning of Life’s Good on numerous occassions throughout the day. To discover more LG promotions taking place around the world, visit LG Newsroom.

# # #

[On the Job] The LG Brand Book: Inspired by Brave Optimism

In this edition of On the Job, we meet Park Sol-mi from the LG Global Marketing Group’s Brand Strategy Team. She shares how her interactions with the company’s employees inspired her to create a compelling Brand Book that embodies LG’s spirit of brave optimism.

Park Sol-mi, global head copywriter at LG Global Marketing Group’s Brand Strategy Team

To mark the one-year anniversary of its “Brand Reinvent” announcement, LG brought its brand values and unique employee DNA together to create the LG “Brave Optimists” Brand Book. This book is based on the experiences of employees from various fields, regions and time zones, and features 28 unique stories beautifully curated into four chapters: “Uncompromising customer experience,” “Human-centered innovation,” “Warmth to power a smile” and “Brave optimists.” It includes narratives of how innovative products like the LG Styler, LG StanbyME and LG gram came to be.

The journey began when Park Sol-mi joined LG as its head copywriter. In this role, Park was exposed to various efforts and projects undertaken by the company’s offices across the globe, gaining an unrivaled understanding of LG’s brave optimism by speaking to the heart of the company – its employees. “My team and I could see what it truly means to be LG from a completely new perspective,” said Park. “We agreed it would be a shame to keep this to ourselves, so we began interviewing our amazing colleagues to publish a book that would effectively convey the essence of LG.”

Over 15 months, she interviewed a total of 47 people including former and current executives and employees working for different business units and regions. She even paid visits to retired executives and travelled around the country to meet a technician working at LG’s service center. All these unique narratives came together to capture the essence of LG.

Park emphasized how this book promotes many powerful messages that people, whether they have a strong connection to LG or not, can resonate with. One particular story she empathized with was of a senior employee’s overseas sales experience and how “when one aims to experience the unexpected, that’s where the value of premium comes to life for them.”

However, making this Brand Book was not without its challenges. With a history spanning more than half a century, LG’s early years were much harder to explore than its recent endeavors, necessitating a bold approach. “If LG was a person, it would be someone with a long history, much like our parents,” she explained. “While it’s important to evaluate and question things critically, our goal was to create a book that also sheds light on the layers of history, culture and values that have been established over time.”

Joining the company with the aim of sharing the company’s myriad strengths, Park was confident about taking the love and admiration for LG to the next level on a global scale. Prior to joining LG, she saw the people of LG as kind and warm, simply laid-back individuals. However, after becoming part of the team, she quickly realized that ambition runs strongly through the employees.

As a part of the Global Marketing Group’s Brand Strategy Team, Park ensures all branding and marketing activities across LG’s global subsidiaries reflect a consistent brand identity. Her role has expanded to include copywriting, where core principles like “write with a smile,” “write with insight” and “write with design” were established. These guidelines were distributed to global subsidiaries in local languages to maintain a unified and unique voice across the company.

With her unwavering dedication to internalizing and solidifying LG’s unique style of communication, Park hopes that one day a single sentence will unmistakably convey LG’s essence in any language. “Writing for both internal and external audiences brings me pure joy, as I feel most alive when I’m confident in my writing – it’s my Life’s Good moment,” she mentioned. “I believe that these two forms of writing complement each other and will create even greater synergy.”

Although not featured in the Brand Book, an honorable mention must go to LG Crew, a program run by university students that gives insights into Gen Z culture and opinions. Its dedicated members come together on the weekend to share and discuss current trends. Park recalls an unforgettable interaction with an LG newcomer and former LG Crew member, who impressed her with their dedication to answering simple questions about emerging trends. They delved into their own experiences and expertise, demonstrating absolute confidence in their knowledge of current trends.

Every chapter of the Brand Book offers a new insight into the brave optimism LG pursues in everything it does. Stay tuned to the LG Newsroom to discover more ways its teams around the world are spreading optimism and hope.

# # #

Inspiring Australians to Live Their Best Lives at Home

LG is committed to ensuring Life’s Good for customers around the world by integrating advanced technology into everyday life and evolving into a Smart Life Solution Company. In line with this, LG Australia recently partnered with Channel Seven’s Dream Home renovation series as an official sponsor. The series featured six pairs transforming suburban homes into Dream Homes, showcasing LG products in real Australian settings.

To raise awareness of the partnership and show how LG’s “Life’s Good with Optimism” commitment can make life at home just a little bit sweeter, LG Australia conducted a comprehensive campaign centered around optimism. This campaign leveraged various touchpoints to position LG as a brand that fosters connections and joyful living at home.

The campaign commenced with an exciting week-long giveaway in collaboration with Australia’s top breakfast TV program, Sunrise on Channel Seven. Airing daily, this game-show-style competition awarded real Australians a series of LG products to help bring their Dream Home visions to life, creating a sense of optimism and joy within the community.

LG Australia also launched an owned consumer promotion featuring renowned interior designer Kate Lawrence. For MyLG members, Lawrence offered two lucky Australians a professional room makeover, complemented by LG products and a voucher to purchase items for their Dream Home through a partnership with homewares retailer, Freedom.

An exclusive event was hosted at the newly renovated home of Dream Home contestants Lara and Peter to showcase how innovative technology can create delightful home experiences. This event was part of the lead-up to the Dream Home grand finale. It highlighted LG products in real Australian homes, promoted the LG Australia and Dream Home partnership, and communicated LG’s “Life’s Good” brand promise to a wide Australian audience.

A highlight of the event was a panel discussion featuring Dream Home Judge Rosie Morley, contestants Lara and Peter, LG Australia Marketing Director Gemma Lemieux and special guests Rhys and Liam, who also participated in the Dream Home series and renovated Lara and Peter’s home. The panel delved into the evolving role of the home and the significant influence of technology in maximizing joy and happiness in our personal spaces.

Guests were treated to a surprise reveal, courtesy of Australian entertaining expert Alex Cadger, who shared his tips and tricks to putting on the perfect party from his years of experience with his home catering company, The Blonde Butler. After a surprise reveal – the best part about a renovation show – of an exceptional grazing table, guests were invited to tour the home, get hands-on with LG products and enjoy an afternoon of food, drink and conversation.

To capitalize on the event’s momentum, participants spoke with Dream Home contestants about their experiences and shared insights into the role that smart technology plays in creating your dream space, no matter your expectations, and making life more enjoyable and fulfilling.

Following the Dream Home grand finale, the event at Lara and Peter’s home generated online buzz, showcasing LG as a brand that fosters connections and empowers Australians to live their best lives. Overall, the campaign increased consumer preference for LG as a brand that facilitates lasting connections, further reinforcing its position as a Smart Life Solution company.

To read more about LG’s Dream Home campaign, visit LG Australia’s Dream Home website.

Contributed by LG Australia

# # #

LG OLED Presents Work By Sir John Akomfrah to Explore Social and Environmental Issues

Picture of a woman standing in front of five wall-mounted LG OLED TVs, gazing at John Akomfrah’s artwork created in collaboration with LG OLED

At Frieze London 2024, LG OLED and Akomfrah Bring Art and Technology
Together to Inspire Audiences With a Thought-Provoking Film Installation

SEOUL, Oct. 11, 2024 — LG Electronics (LG) has once again partnered with the widely respected artist and filmmaker, Sir John Akomfrah, for Frieze London 2024. This collaboration follows LG’s recent support of Akomfrah’s British Pavilion at the 60th International Art Exhibition at La Biennale di Venezia 2024. At Frieze London 2024, LG OLED has invited Akomfrah – an artist and filmmaker known for investigating themes such as memory, post-colonialism, temporality and aesthetics – to present a new video installation at the fair.

Becoming Wind (2023) is a five-channel video installation that focuses on the intersection of social and environmental issues, looking specifically at the experience of non-binary and trans actors and activists in the context of the climate crisis. A profound meditation on identity formation is framed by an allegorical representation of the Garden of Eden and its disappearance; a montage of footage evoking the abundant richness of past biodiversity is interrupted by glimpses of blazing wildfires, scenes of racial discrimination and a fragmented text, underscoring responsibilities to confront multiple and intersecting crises.

Powered by the compelling fusion of art and technology, multiple ultra-large LG OLED displays bring Akomfrah’s artistic narratives to life with stunning picture quality on an incredible scale. Notably, LG OLED’s self-lit nature reveals the full, vivid expression of the colors, enriching the depth and realism of the artwork’s multi-sensory elements for a truly immersive experience.

LG’s commitment to making LG OLED a more sustainable choice closely aligns with Akomfrah’s drive to address climate change, human communities and the plight of migrant diasporas globally. LG OLED TVs incorporate fewer components than LCD TVs due to the absence of a backlight, which results in the 65-inch OLED TV using 60 percent less plastic compared to an LCD TV of the same size. Weighing in at about 20 percent less than an LCD TV of the same screen size, OLED screens also contribute to the reduction of CO₂ emissions during transit. In addition, recycled plastic accounts for approximately 20 percent of the plastic used in the manufacturing of all LG TVs, including OLED models. These efforts have culminated in LG OLED TVs receiving environmental product certifications from the UK’s Carbon Trust and Switzerland’s SGS for four consecutive years, underscoring the company’s commitment to sustainability.^*

“I’m truly delighted to be able to bring my artistic vision to life with LG OLED,” said Akomfrah. “Becoming Wind aims to draw viewers into a deep state of contemplation about the intrinsic relationship between nature, humanity and technology through the interplay between sound and visuals. LG OLED’s advanced audiovisual capabilities and technological advancements enhance the sensory elements of the art, seamlessly integrating image, sound and emotion to take audiences on a visually compelling and intellectually stimulating journey.”

“We are pleased to continue our collaboration with renowned artist Sir John Akomfrah to highlight how LG OLED captivates audiences by enhancing the depth of his thought-provoking artwork,” said Kate Oh, vice president of the Brand Communication Division at LG Home Entertainment Company. “LG OLED remains committed to supporting both artists and audiences who embrace our passion for innovation and positive change. We will continue to empower artists who seek to inspire the world through the intersection of art and technology.

Visitors to Frieze London 2024 can experience Akomfrah’s artwork Becoming Wind from October 9 to 13 at The Regent’s Park. Visit the website to step into a world of artistic brilliance and explore captivating collaborations with LG OLED ART.

# # #

^* Carbon Trust: Carbon Footprint Reducing certifications (2024 LG OLED evo G4 77”/65”/55”)
Carbon Footprint Measured certifications (2024 LG OLED evo G4 97”/83”, C4)
SGS: Environmentally Evaluated certifications (2024 LG OLED evo G4/C4/B4)

SUBSCRIBE