South Korea’s fourth largest conglomerate, LG, is planning on injecting an additional 12% into investments in 2011, compared to 2010. This translates to a total of $18.2 billion for the company to breathe life into its struggling handset operation, the core of LG Electronics Inc.
LG’s latest line of smartphones, the Optimus line up, has garnered a total of 2 million units moved since its launch in October.
An LG rep had this to say:
The focus for 2011 will be bolstering our core businesses of smartphones, tablets, TVs and large-sized displays and also supporting new growth engines such as solar cell, new types of displays and small-sized display panels for smartphones and tablets.
The electronics unit of LG will get the largest chunk of the investment. A total of $12.29 billion will be handed to them to bloster their market share in the electronics industry.