LG Electronics and Honeywell Announce Strategic Partnership in Building Solution System
Seoul, Korea, June 30, 2008 – LG Electronics (LG), a global leader and technology innovator in consumer electronics today announced a strategic business partnership with Honeywell, a global manufacturer in automation & control solution. This agreement covers intelligent building systems, in which Honeywell possesses world’s leading technology.
The partnership agreement embraces comprehensive cooperation across sales, marketing, training, product development, and technology services for building solution systems. Through this collaboration with Honeywell, LG expects to establish an exclusive solution for spec-in sales activities, expand its capability in relevant technologies and improve its engineers’ skills through training.
LG marked this business partnership agreement with a ceremony held today at the Grand Hilton Hotel in Seoul, Korea. Executives attending from both companies included Young-Hwan Kim, Solution Business Team Leader at LG Electronics Digital Appliance Company and Ki-Soon Choi, ECC (Environmental and Combustion Controls) Division Leader from Honeywell.
"This partnership with Honeywell will serve to strengthen our competitiveness, expanding our presence in the intelligent building system industry as well as the home network sector," Kim said. "We will concentrate on attracting new customers through our accumulated expertise in home networks, coupled with our competitive brand recognition."
"We will deliver comprehensive solutions for all diversified control demands in the future Home and Building area through cross collaboration with LG Electronics", Choi said.
LG has began its home solution business in 2004, outfitting approximately 60,000 residences by end of this year in Korea and emerging markets including the Middle East and China. Overall, the building control system industry has grown substantially worldwide, expanding from USD 90 billion in 2007 to 94 billion in 2008. Energy conservation and environmental awareness have increased demand for integrated control solution including mutual assistance control, power supervision, light control and security. This partnership with Honeywell will help LG better respond to the needs of its customers in this area.
Established in 1984, Honeywell has dedicated its business to automatic control systems, controls, sensors, reaching gross sales of $300 billion won in Korea last year.