Beijing time on May 27, according to foreign media reports, LG Electronics CEO Nan Hao said today that the company is considering the acquisition of General Electric (GE) appliance division.
Nancy said at a news conference today that we are paying close attention to the GE appliance division and are not yet able to announce more information. Previously, LG Electronics had experience in acquiring American manufacturers. In 1999, it acquired US television manufacturer Zenith.
On May 16, GE confirmed that it may sell or spin off its home appliance business. Subsequently, some analysts speculated that LG Electronics is one of the potential mergers and acquisitions, on the grounds that the company has performed well in the US market recently, especially its washing machine has won the favor of American consumers with its good design and low price. In addition, LG is the world's largest manufacturer of air conditioners and the second largest TV manufacturer.
In addition to LG Electronics, Haier, a Chinese home appliance manufacturer, also publicly stated that it intends to acquire GE's home appliance business. According to industry insiders, companies such as Samsung Electronics, Bosch in Germany, Electronoux in Sweden and MABE in Mexico are likely to join the bidding.
Nancy also expects that by 2010, LG Electronics' sales will increase by 10%, operating profit margin will increase by 6%, and return on investment will reach 20%.
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