LG Group to Invest US$5.6B in 2000, Targets Sales of US$72B
December 6, 1999 (SEOUL) -- The LG Group, Korea's third-largest conglomerate, set a sales goal of 83 trillion won with investments worth 6.5 trillion won for 2000. (1,149.9 won= US$1)
The sales goal is up 12 percent from its previous estimate and the investment size was also up 20 percent from this year.
Among the investments, the group will spend 25 percent more than this year, or 1.5 trillion won, in research and development, and another 5 trillion won in marketing and facilities, which is up 20 percent from this year.
Specifically, the conglomerate, will lay out 1.6 trillion won in digital devices and LCD products, 1.55 trillion won in information and communications, 240 billion won in telecom components and 110 billion won in new drugs and biotechnology.
"After completing a group-wide restructuring this year, we will focus our investments on such key industries as Internet, e-commerce, digital TVs, display devices, IMT-2000, antibiotics and cancer-fighting drugs for future growth," a group spokesman said.
By business, the sales goal breaks down to 16.5 trillion won from chemistry and energy units, 35.6 trillion won from electronics and communications units, 28.3 trillion won from service units and 2.6 trillion won from financial businesses.
(Maeil Business Newspaper, Korea)
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