LG Electronics to cut expenses massively to stay competitive
February 9th, 2009 Leave a comment Visited 33 times, 2 so far today
LG Electronics to cut expenses massively to stay competitive
South Korean consumer electronics giant LG Electronics has announced that they are working on plans to cut $2.2 billion in costs.
LG also said that they expect around a 20 percent sales decline in dollar terms this year mainly due to struggling economy.
The company however said that they have no immediate plans to cut jobs.
LG CEO Nam Yong had this to say on their plans: “In dollar terms, we saw sales falling 17 percent in January. Sales fell 20 percent in November. for the year is likely to be around that level.”
The company is also looking towards acquisitions to expand their product and services base.
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