LG Electronics (LGE), a Korean manufacturer of consumer electronics, mobile communications and home appliances, is lining up further investments in Poland up until 2015 with a total value of $70m (approx. €54.5m), evertiq.pl reported.
In 2011, the company will open a new washing machine factory in Wroclaw worth $12m (€9.4m). The facility will reputedly be able to turn out up to 700,000 machines a year. LGE has also pledged to channel $24m (€18.7m) into its fridge factory in the city in order to increase its capacity to 1.4 million fridges a year (from 300,000 currently). The company will decide about the remaining $34m (€26.5m) when new investment needs arise. Some of the appliances produced in Poland will be sold on the North African market (Morocco, Tunisia), as the company forecasts a surge in demand in this region.
LG Electronics is comprised of five business units − Home Entertainment, Mobile Communications, Home Appliance, Air Conditioning and Business Solutions. The company employs more than 80,000 people in over 115 operations around the world. In 2009 its global sales reached $43.4bn (€33.8bn).
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