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LG raises investments despite uncertain economy
Sunday - 1/6/2013, 11:13pm EST
SEOUL, South Korea (AP) - LG Group says it is increasing annual investments to record highs despite the uncertainty in the global economy and slow consumer demand.
The South Korean conglomerate said Monday it is boosting spending on facilities and research and development by 19 percent in 2013 over a year earlier to 20 trillion won ($18.8 billion).
LG says it has allocated 67 percent of the investment to its electronics units, LG Electronics and LG Display.
Electronics companies will use 13.4 trillion won to build production lines for small-size LCD panels and advanced displays called OLED. Part of the money will be invested in developing future displays, including flexible displays and transparent screens.
The group says LG Electronics, LG Display, LG Chem and other units will hire about 15,000 employees this year, same as 2012.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)