Statement on LG Electronics’ Relationship with Conergy
Seoul, Korea, November 7th, 2008 – LG Electronics, Inc. (LG) has decided to discontinue current discussions with Conergy AG (Conergy) regarding the proposed joint venture for solar cell manufacturing due to current worldwide economic uncertainty and changes in strategic direction. LG will continue to explore opportunities to become a global leader in photovoltaic cell and module manufacturing. In this context, LG will also continue to review other options for cooperation with Conergy, a leading global downstream player.
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About LG Electronics, Inc.
LG Electronics, Inc. (KSE: 066570.KS) is a global leader and technology innovator in consumer electronics, home appliances and mobile communications, employing more than 82,000 people working in 114 operations including 82 subsidiaries around the world. With 2007 global sales of USD 44 billion, LG is comprised of four business units - Mobile Communications, Digital Appliance, Digital Display and Digital Media. LG is the world’s leading producer of mobile handsets, flat panel TVs, air conditioners, front-loading washing machines, optical storage products, DVD players and home theater systems.