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LG And Hitachi Name Executives To Leadjoint Venture Water Treatment Business
Published Feb 23, 2012
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LG Electronics (LG) and Hitachi Plant Technologies, Ltd. named two senior executives to run its joint venture water treatment company, the company started operation on February 1, 2012. The two companies named Young-ha Lee Chief Executive Officer and Hidenao Kawai Chief Operating Officer for the new joint venture. The new company, LG-Hitachi Water Solutions Co., Ltd., will be based in Seoul and is expected to play a significant role in the rapidly growing water treatment
industry.
Mr. Lee, a 33-year veteran of LG Electronics, is currently an LG Electronics president and the company’s Business Support Officer. Mr. Lee served in various positions during his notable career, most recently as president and CEO of LG’s Home Appliance Company. He is quite familiar with Japanese corporate culture, having been stationed in Tokyo from 1986 to 1990.
“Human use of water has increased more than 30-fold over the past three centuries but less than 1 percent of the world’s fresh water is readily accessible for human use,” said Young-ha Lee, CEO of LG-Hitachi Water Solutions Co., Ltd. “LG and the Hitachi – two of the most diversified companies in the world -- will combine their resources to developing innovative solutions for the world’s water problems.”
By combining LG’s strength in manufacturing and technology with Hitachi Plant Technologies’ advanced R&D and expertise in water-related industries, LG-Hitachi Water Solutions is well positioned for a strong entrance into the Korean and global market. The company will initially focus on manufacturing and sales of water treatment equipment, EPC for water treatment systems and O&M² for water treatment facilities, centered mainly on wastewater treatment facilities and drinking water and sewage treatment facilities and research and development of water treatment technology.
Overview of LG - Hitachi Solutions Co., Ltd.:
Company Name LG-Hitachi Water Solutions., Ltd.
Location HQ Seoul, Korea
Business Areas Manufacturing and sales of water treatment equipment: EPC for water treatment systems; O&M for water treatment facilities: research and development of water treatment technology
Chief Executives Young-ha Lee, CEO/ Hidenao Kawai, COO
Date of Establishment February 1, 2012
Capital 18 billion won (approximately 1.2 billion yen)³
Equity(%) LG: 51%, Hitachi Plant Technologies:49%
About LG Electronics, Inc.
LG Electronics, Inc. (KSE: 066570.KS) is a global leader and technology innovator in consumer electronics, mobile communications and home appliances, employing more than 93,000 people working in over 120 operations around the world. With 2010 global sales of KRW 55.8 trillion (USD 48.2 billion), LG comprises four business units – Home Entertainment, Mobile Communications, Home Appliance, and Air Conditioning & Energy Solutions. LG is one of the world’s leading producers of flat panel TVs, mobile devices, air conditioners, washing machines and refrigerators. For more information, please visit www.LGnewsroom.com.
About Hitachi Plant Technologies, Ltd.
Hitachi Plant Technologies, Ltd. _ Supporting Infrastructure with Environmental and Energy-Saving Technologies, is a member of the Hitachi Group. Harnessing its engineering capabilities, monozukuri (manufacturing) skills and project expertise, Hitachi Plant Technologies offers total solutions for social and industrial infrastructures. The core businesses of our group mainly comprise Social Infrastructure Systems (pumps, compressors and water treatment systems), Industrial Systems (mechatronics, and chemical and pharmaceutical plants), Air Conditioning Systems (industrial and building facilities) and Energy Systems (nuclear and thermal power plants construction). For more information on Hitachi Plant Technologies, please visit the company\'s website at www.hitachi-pt.com.
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VMD - [Virtual Marketing Department]
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