LG Sets New Standard in Cooperation with Suppliers for Procurement
Seoul, Korea, May 21, 2008 – LG Electronics (LG), a global leader and technology innovator in consumer electronics, today held the first LG Electronics Global Supplier’s Day with over 300 partner companies at the Grand Hilton Seoul Hotel in Seoul, Korea.
"This event helps LG forge closer relationships with our partners to ensure that they share our vision and objectives," said Tom Linton, Chief Procurement Officer (CPO) of LG Electronics. "It is essential that we build trust and understanding with our suppliers in order to raise competitiveness for all parties and achieve our goal of becoming a top global player. We look forward to finding new and innovative ways to grow together with our suppliers."
Along with LG Electronics CEO Yong Nam, LG Electronics CPO Tom Linton and the heads of LG Electronics four business units, more than 300 representatives from major suppliers attended the event. Attendees included James Clifford, Senior Vice President and General Manager of QUALCOMM CDMA Technologies; Hyung Sung Kim, CEO of Daeyeong Electronics; Hashimoto, CEO of Hanwook Techno Glass; Shigeo Kuroda, President of Hitachi Media Electronics; and Saito Shozo, President & CEO of Toshiba Corporation Semiconductor Company.
At the event LG announced its Procurement Supplier Partnership Principles, a set of guidelines that will help it better cooperate with suppliers for procurement. The principles are aimed at enhancing relationships with suppliers, ensuring fairness, increasing collaboration and competitiveness, and working more strategically.
LG also presented nine awards to suppliers, including Qualcomm CDMA Technology, which received the Global No. 1 Supplier Award. Each division also presented a Company Award to its top supplier. Winners included Daeyeong Electronics, Hanwook Techno Glass, Hitachi Media Electronics and Toshiba Corporation Semiconductor Company. Winners were decided based on innovation, product quality, on-time delivery, cost-savings and other factors.