London, England 26 November 2008 - LG Electronics (LG), a global leader and technology innovator in consumer electronics, today announced that it has signed an agreement to become a Global Partner of Formula 1 and a Technology Partner of Formula 1. As part of this top level association LG acquires exclusive designations and marketing rights as the official Consumer Electronics, Mobile Phone and Data Processor of Formula 1. The multi-year agreement runs from January 2009.
"Formula One represents the absolute peak of technological innovation and style, which is also our vision for the LG Electronics brand," said Dermot Boden, Chief Marketing Officer (CMO) of LG Electronics. "We feel the excitement and electricity of F1 is unmatched by any sport, and we feel the same passion and energy here at LG."
"LG is a leader in its field, it pioneers cutting edge technology, delivering innovation and excellence in a stylish package, which is what Formula 1 is about too", said Bernie Ecclestone, Chief Executive Officer (CEO) of the Formula One Group." We have so much in common, I am very excited to begin our association and look forward to the technology solutions they can bring to us also."
As the Official Data Processor of Formula 1 LG will be identified and credited on the official live timing service at Formula One events and in the associated timing and data TV graphics. They will also enjoy a comprehensive package of premium marketing rights worldwide in association with the Formula 1 brand.
Boden added, "In today's economic climate, all organizations need to be strategic with their expenditures. Here at LG we can think of no more important investment than our brand. After having carefully researched marketing and sponsorship opportunities, I am confident that this exciting partnership will best highlight and enhance the profiles of both global organizations over the long term."
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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. For more information, please visit www.lg.com.
About Formula 1
Established in 1950, Formula 1 is the world's most prestigious motor racing series and the most popular annual sporting event. Currently it is watched on television by 600 million (approx.) viewers in more than 190 countries. Earlier this month, McLaren driver Lewis Hamilton clinched the FIA Formula One World Championship for Drivers, the youngest ever to do so, beating Ferrari's Felipe Massa in a tense and thrilling season finale watched by record audiences. The Ferrari team won the FIA Formula One World Championship for Constructors title. In 2009 the Championship will be 17 Grands Prix in 16 countries across 5 continents, starting in Melbourne, Australia on 29 March 2009 and will include a new race in Abu Dhabi. For more information please visit the official website www.formula1.com