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Biz News Korea(Eng)
LG Group’s next-generation growth engine water business reaping fruit
- Collected
- 2016.09.28
- Distributed
- 2016.09.29
- Source
- Go Direct
The group’s water businesses expanded in both private and public sectors from 2014 and have been branching out to foreign markets.
LG tapped the Middle Eastern market in June. LG Chem signed a contract to supply more than 20,000 filters for water treatment to a seawater desalination factory which will be constructed in Oman.
The group named water treatment business as next-generation growth engine in 2010. Since then, LG Electronics Inc. acquired Daewoo Entec specializing in the operation of water treatment in 2011 and established constructors for water treatment - Hitachi Plant Technologies and LG-Hitachi Water Solutions - in 2012. LG Chem also bought U.S.-based NanoH2O specializing in filters for water treatment for a global network in water treatment.
LG Electronics and LG Chem produce filters for water treatment and LG-Hitachi Water Solutions make water treatment facilities. LG HiEntec (formerly Daewoo Entec) is in charge of running water treatment facilities. The group is fully capable of supplying the parts, building the facilities, and running water treatment facilities.
Sales of LG HiEntec tripled to 100.7 billion won ($92 million) last year from 31.7 billion won in 2012. Sales of LG-Hitachi Water Solutions jumped to 72.5 billion won last year from 12.9 billion won in 2012. The company made a turnaround from operating loss to operating profit last year.
By Kang Young-woon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]